Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2020
Summary of Significant Accounting Policies  
Schedule of impact of adoption of Topic 842 on the balance sheet

The impact of the adoption of ASC 842 on the balance sheet was (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

As reported

    

 

 

    

Balance

 

 

June 30,

 

Adoption of

 

July 1,

 

 

2019

 

ASC 842

 

2019

Finance lease right-of-use assets

 

$

 —

 

$

7,489

 

$

7,489

Total assets

 

$

30,586

 

$

7,489

 

$

38,075

Finance lease obligation - current portion

 

$

213

 

$

(141)

 

$

72

Finance lease obligation - net of current portion

 

$

24,671

 

$

7,630

 

$

32,301

Total liabilities

 

$

28,129

 

$

7,489

 

$

35,618

Total liabilities and stockholders’ equity

 

$

30,586

 

$

7,489

 

$

38,075

 

Schedule of impact of adoption of Topic 842 on the Statement Of Operations

The impact of the adoption of ASC 842 on the Statement of Operations for the year ended June 30, 2020 was (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

Prior to

    

Adoption of

    

 

 

 

 

Adoption

 

ASC 842

 

Balance

Total revenues

 

$

1,638

 

$

 —

 

$

1,638

Operating expenses

 

$

15,171

 

$

470

(1)

$

15,641

Operating loss

 

$

(13,533)

 

$

(470)

 

$

(14,003)

Other income (expense)

 

$

(1,860)

 

$

(581)

(2)

$

(2,441)

Consolidated net loss

 

$

(15,393)

 

$

(1,051)

 

$

(16,444)

 

(1)

Excess of the amortization of finance lease ROU’s over the depreciation of capital lease assets that would have occurred under ASC 840.

(2)

Excess of the interest expense related to the finance lease obligation over the interest expense of the capital lease obligation that would have been incurred under ASC 840.