|
Note 13. 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
December 31,
2023 |
|
|
Three Months
Ended
December 31,
2022 |
|
|
Six Months
Ended
December 31,
2023 |
|
|
Six Months
Ended
December 31,
2022 |
|
| Operating Lease Expense |
|
$ |
149 |
|
|
$ |
106 |
|
|
$ |
304 |
|
|
$ |
201 |
|
Supplemental balance sheet information related
to leases was as follows (in thousands):
| |
|
Classification on the
Condensed
Consolidated
Balance Sheet |
|
December 31,
2023 |
|
|
June 30,
2023 |
|
| Assets |
|
|
|
|
|
|
|
|
| Operating lease assets |
|
Other non-current assets |
|
$ |
1,158 |
|
|
$ |
1,374 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Operating lease liabilities |
|
Current liabilities |
|
|
478 |
|
|
|
439 |
|
| Operating lease liabilities |
|
Long term liabilities |
|
|
729 |
|
|
|
976 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
2.54 Years |
|
|
|
2.97 Years |
|
| Weighted Average Discount Rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
12.88 |
% |
|
|
12.77 |
% |
The following table outlines the minimum future lease payments for
the next five years and thereafter (in thousands):
| For the year ending June 30, |
|
|
|
| 2024 |
|
$ |
299
|
|
| 2025 |
|
|
606 |
|
| 2026 |
|
|
374 |
|
| 2027 |
|
|
66 |
|
| Thereafter |
|
|
79 |
|
| Total lease payments (undiscounted cash flows) |
|
|
1,424 |
|
| |
|
|
|
|
| Less imputed interest |
|
|
(217 |
) |
| Total |
|
$ |
1,207 |
|
|