Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.3
Leases
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

Note 14. 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 (in thousands):

 

    Year
Ended
June 30,
2024		     Year
Ended
June 30,
2023		  
Operating Lease Expense   $ 601     $ 519  

  

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

 

    Classification
on the
Consolidated
Balance Sheet		   June 30,
2024		     June 30,
2023		  
Assets                
Operating lease assets   Other non-current assets   $ 923     $ 1,374  
                     
Liabilities                    
Other current liabilities   Current liabilities     514       439  
Operating lease liabilities   Other non-current liabilities     462       976  

 

             
Weighted Average Remaining Lease Term:            
Operating leases     2.12 Years       2.97 Years  
                 
Weighted Average Discount Rate:                
Operating leases     12.98 %     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,      
2025   $ 606  
2026     374  
2027     66  
2028     68  
Thereafter     11  
Total lease payments (Undiscounted cash flows)     1,125  
         
Less imputed interest     (149 )
Total   $ 976