| Schedule of components of lease expense and supplemental balance sheet information related to the finance lease obligation |
The following tables present the components of lease expense and supplemental balance sheet information related to the finance lease obligation (in thousands).
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Three Months
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Ended
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September 30,
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2019
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Finance Lease Cost:
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Amortization of right-of-use assets
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$
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415
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Interest on lease liabilities
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620
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Operating Lease Cost
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32
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Total Lease Cost
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$
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1,067
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Other Information
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Cash paid for amounts included in the measurement lease liabilities:
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Operating cash flows from operating lease
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$
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32
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Financing cash flows from finance lease obligation
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$
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—
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September 30,
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2019
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Finance lease right-of-use assets
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$
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28,862
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Finance lease obligation – current portion
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$
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139
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Finance lease obligation - non-current portion
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$
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32,235
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Weighted average remaining lease term - finance lease
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30.44 years
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Weighted average discount rate - Finance lease obligation
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7.608
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%
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| Schedule of future minimum payments under the finance lease obligation |
Future minimum payments under the finance lease obligation are due as follows:
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Fiscal period ending on September 30:
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Principal
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Interest
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Total
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2020
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$
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138,270
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$
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2,461,730
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$
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2,600,000
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2021
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306,334
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2,443,666
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2,750,000
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2022
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330,312
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2,419,688
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2,750,000
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2023
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356,167
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2,393,833
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2,750,000
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2024
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384,046
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2,365,954
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2,750,000
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Thereafter
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30,857,671
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39,267,329
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70,125,000
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Total minimum lease payments
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32,372,800
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$
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51,352,200
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$
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83,725,000
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Less: current portion
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(138,270)
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Long-term portion of minimum lease obligations
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$
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32,234,530
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