Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.2.2
Leases
 12 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases

7. LEASES

As of June 30, 2022 and June 30, 2021, the balance of the operating lease right of use assets ("ROU") was $6.5 million and $5.7 million respectively. Components of operating lease expense for the years ended June 30, 2022 and 2021 were as follows:

in thousands

 

 

 

 

 

 

 

 

Years Ended

 

 

 

June 30,
2022

 

 

June 30,
2021

 

Operating lease costs

 

$

1,403

 

 

$

1,509

 

Variable lease costs

 

 

627

 

 

 

426

 

Short term lease costs

 

 

94

 

 

 

91

 

Finance lease costs

 

 

16

 

 

 

21

 

 

 

$

2,140

 

 

$

2,047

 

For the year ended June 30, 2022, we made cash payments of $1.8 million for operating lease obligations. These payments are included in operating cash flows. As of June 30, 2022, the weighted-average remaining lease term under our capitalized operating leases was 5.4 years, while the weighted-average discount rate for our operating leases was approximately 4.9%.

The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities, as of June 30, 2022:

Years ending June 30,

 

Operating
Leases

 

 

2023

 

 

1,646

 

 

2024

 

 

1,692

 

 

2025

 

 

1,669

 

 

2026

 

 

1,244

 

 

2027

 

 

940

 

 

Thereafter

 

 

1,162

 

 

Total lease payments

 

 

8,353

 

 

Imputed interest

 

 

(1,066

)

 

 

 

$

7,287

 

(1)

Operating lease liability - current

 

$

1,315

 

(2)

Operating lease liability - long-term

 

 

5,972

 

(3)

 

 

$

7,287

 

(1)

 

(1)
Represents the present value of the capitalized operating lease liabilities as of June 30, 2022.
(2)
Current operating lease liabilities are presented within accrued liabilities on our consolidated balance sheets.
(3)
Long-term operating lease liabilities are presented within other liabilities on our consolidated balance sheets.

 

 

The Company has no related party leases. We do not have leases that have not yet commenced, which would create significant rights and obligations for us, including any involvement with the construction or design of the underlying asset.