Annual report pursuant to Section 13 and 15(d)

Leases

v3.23.2
Leases
 12 Months Ended
Jun. 30, 2023
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,
2023		     Year
Ended
June 30,
2022		  
Operating Lease Expense   $ 519     $ 348  

 

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

 

    Classification
on the
Consolidated
Balance Sheet		   June 30,
2023		     June 30,
2022		  
Assets                
Operating lease assets   Other non-current assets   $ 1,374     $ 1,126  
                     
Liabilities                    
Other current liabilities   Current liabilities     439       313  
Operating lease liabilities   Other non-current liabilities     976       811  

 

Weighted Average Remaining Lease Term:            
Operating leases     2.97 Years       3.42 Years  
                 
Weighted Average Discount Rate:                
Operating leases     12.77 %     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,      
2024   $ 589  
2025     606  
2026     374  
2027     66  
Thereafter     79  
Total lease payments (Undiscounted cash flows)     1,714  
         
Less imputed interest     (299 )
Total   $ 1,415