Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
 3 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases

7. LEASES

As of September 30, 2022 and June 30, 2022, the balances of operating lease right of use assets were $6.0 million and $6.5 million respectively. Components of operating lease expense for the three months ended September 30, 2022 and 2021 were as follows:

in thousands

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

Operating lease costs

 

$

362

 

 

$

449

 

Variable lease costs

 

 

104

 

 

 

115

 

Short term lease costs

 

 

25

 

 

 

22

 

Finance lease costs

 

 

—

 

 

 

5

 

 

 

$

491

 

 

$

591

 

For the three months ended September 30, 2022, we made cash payments of $0.4 million for operating lease obligations. These payments are included in operating cash flows. As of September 30, 2022, the weighted-average remaining lease term under our capitalized operating leases was 5.3 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 September 30, 2022:

Years ending June 30,

 

Operating
Leases

 

 

2023 (9 months remaining)

 

 

1,211

 

 

2024

 

 

1,624

 

 

2025

 

 

1,599

 

 

2026

 

 

1,171

 

 

2027

 

 

823

 

 

Thereafter

 

 

1,326

 

 

Total lease payments

 

 

7,754

 

 

Imputed interest

 

 

(1,003

)

 

 

 

$

6,751

 

(1)

Operating lease liability - current

 

$

1,268

 

(2)

Operating lease liability - long-term

 

 

5,483

 

(3)

 

 

$

6,751

 

(1)

 

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