Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.24.3
Leases
 3 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

Note 12. 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
September 30,
2024		     Three Months Ended
September 30,
2023		  
Operating Lease Expense   $ 148     $ 156  

 

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

 

    Classification on the
Condensed Consolidated
Balance Sheet		   September 30,
2024		     June 30,
2024		  
Assets                
Operating lease assets   Other non-current assets   $ 803     $ 923  
                     
Liabilities                    
Other current liabilities   Current liabilities     525       514  
Operating lease liabilities   Other non-current liabilities     329       462  
                     
Weighted Average Remaining Lease Term:                    
Operating leases         2.06 Years       2.12 Years  
Weighted Average Discount Rate:                    
Operating leases         13.05 %     12.98 %

 

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   $ 455  
2026     374  
2027     66  
2028     68  
Thereafter     11  
Total lease payments (undiscounted cash flows)     974  
         
Less imputed interest     (120 )
Total   $ 854