Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
 3 Months Ended
Sep. 30, 2022
Disclosure Text Block [Abstract]  
Leases

Note 13. Commitments and Contingencies

 

Leases

 

The Company leases office space in Huntersville, NC, Carrollton, Texas and Taiwan and leases equipment in Canandaigua, NY. Our leases have remaining lease terms of up to five years, some of which include options to extend the leases for up to twenty-four months. Following adoption of ASC 842, lease expense excludes capital area maintenance and property taxes.

 

The components of lease expense were as follows:

 

    Three Months Ended
September 30,
2022		     Three Months Ended
September 30,
2021		  
Operating Lease Expense   $ 102     $ 75  

 

Supplemental balance sheet information related to leases was as follows (in thousands):

 

    Classification on the
Condensed Consolidated
Balance Sheet		   September 30,
2022		     June 30,
2022		  
Assets                    
Operating lease assets   Other non-current assets   $ 1,029     $ 1,126  
                     
Liabilities                    
Other current liabilities   Current liabilities     305       313  
Operating lease liabilities   Other non-current liabilities     732       811  
                     
Weighted Average Remaining Lease Term:                    
Operating leases         3.19 Years       3.42 Years  
Weighted Average Discount Rate:                    
Operating leases         10.03 %     10.03 %

 

The following table outlines the minimum future lease payments for the next five years and thereafter, (in thousands):

 

For the year ending June 30,      
2023   $ 296  
2024     366  
2025     356  
2026     199  
Thereafter    
—
  
Total lease payments (undiscounted cash flows)     1,217  
         
Less imputed interest     (180 )
Total   $ 1,037