Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.1
Leases
 9 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Leases

Note 13. Leases

 

Leases

 

The Company leases office space in Huntersville, NC, Carrollton, TX, San Jose, CA and Taiwan and leases equipment in Canandaigua, NY. Its 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
March 31,
2023		     Three Months
Ended
March 31,
2022		     Nine Months
Ended
March 31,
2023		     Nine Months
Ended
March 31,
2022		  
Operating Lease Expense   $ 159     $ 84     $ 360     $ 241  

 

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

 

    Classification on the
Condensed
Consolidated
Balance Sheet		   March 31,
2023		     June 30,
2022		  
Assets                
Operating lease assets   Other non-current assets   $ 1,483     $ 1,126  
                     
Liabilities                    
Operating lease liabilities   Current liabilities     415       313  
Operating lease liabilities   Long term liabilities    

1,093

       811  
                     
Weighted Average Remaining Lease Term:                    
Operating leases         2.67 Years       3.42 Years  
Weighted Average Discount Rate:                    
Operating leases         12.69 %     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   $ 142  
2024     586  
2025     605  
2026     373  
Thereafter    

147

  
Total lease payments (undiscounted cash flows)     1,853  
         
Less imputed interest     (345 )
Total   $ 1,508