Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.3
Leases
 3 Months Ended
Sep. 30, 2023
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
September 30,
2023		     Three Months Ended
September 30,
2022		  
Operating Lease Expense   $     156     $     102  
                 

 

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

 

    Classification on the
Condensed Consolidated
Balance Sheet		   September 30,
2023		     June 30,
2023		  
Assets                
Operating lease assets   Other non-current assets   $ 1,261     $ 1,374  
                     
Liabilities                    
Other current liabilities   Current liabilities     460       439  
Operating lease liabilities   Other non-current liabilities     854       976  
                     
Weighted Average Remaining Lease Term:                    
Operating leases         2.77 Years       2.97 Years  
Weighted Average Discount Rate:                    
Operating leases         12.84 %     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   $ 446  
2025     606  
2026     374  
2027     66  
Thereafter     79  
Total lease payments (undiscounted cash flows)     1,571  
         
Less imputed interest     (257 )
Total   $ 1,314