Quarterly report pursuant to Section 13 or 15(d)

Finance Lease Obligation (Tables)

v3.20.4
Finance Lease Obligation (Tables)
6 Months Ended
Dec. 31, 2020
Finance Lease Obligation  
Schedule of components of lease expense and supplemental balance sheet information related to the finance lease obligation

 

 

 

 

 

 

Six Months 

 

 

Ended

 

 

December 31, 

 

 

2020

Finance Lease Cost:

 

 

  

Amortization of right-of-use assets

 

$

830

Interest on lease liabilities

 

 

1,226

Operating Lease Cost

 

 

86

Total Lease Cost

 

$

2,142

 

 

 

 

 

Other Information

    

 

  

Cash paid for amounts included in the measurement lease liabilities:

 

 

 

Operating cash flows from operating lease

 

$

86

Financing cash flows from finance lease obligation

 

$

147

 

Schedule of future minimum payments under the finance lease obligation

 

 

 

 

 

 

    

December 31, 

 

 

 

2020

 

Finance lease right-of-use assets

 

$

26,786

 

Finance lease obligation – current portion

 

$

312

 

Finance lease obligation - non-current portion

 

$

31,848

 

Weighted average remaining lease term - finance lease

 

 

29.18 years

 

Weighted average discount rate - Finance lease obligation

 

 

7.608

%

 

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum payments under the finance lease obligation are due as follows:

 

 

 

 

 

 

 

 

 

 

 

Fiscal period ending on December 31:

    

Principal

    

Interest

    

Total

2021

 

$

312,161

 

$

2,437,839

 

$

2,750,000

2022

 

 

336,594

 

 

2,413,406

 

 

2,750,000

2023

 

 

362,941

 

 

2,387,059

 

 

2,750,000

2024

 

 

391,350

 

 

2,358,650

 

 

2,750,000

2025

 

 

421,982

 

 

2,328,018

 

 

2,750,000

Thereafter

 

 

30,335,069

 

 

36,352,431

 

 

66,687,500

 

 

 

 

 

 

 

 

 

 

Total minimum lease payments

 

 

32,160,097

 

$

48,277,403

 

$

80,437,500

Less: current portion

 

 

(312,161)

 

 

  

 

 

  

Long-term portion of minimum lease obligations

 

$

31,847,936