Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
9 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

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
March 31,
2024
    Three Months
Ended
March 31,
2023
    Nine Months
Ended
March 31,
2024
    Nine Months
Ended
March 31,
2023
 
Operating Lease Expense   $ 149     $ 159     $ 453     $ 360  

 

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

 

    Classification on the
Condensed
Consolidated
Balance Sheet
  March31,
2024
    June 30,
2023
 
Assets                
Operating lease assets   Other non-current assets   $ 1,039     $ 1,374  
                     
Liabilities                    
Operating lease liabilities   Current liabilities     498       439  
Operating lease liabilities   Long term liabilities     596       976  
                     
Weighted Average Remaining Lease Term:                    
Operating leases         2.04 Years       2.97 Years  
Weighted Average Discount Rate:                    
Operating leases         12.92 %     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   $ 150  
2025     606  
2026     374  
2027     66  
Thereafter     79  
Total lease payments (undiscounted cash flows)     1,275  
         
Less imputed interest     (181 )
Total   $ 1,094