Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.3
Leases
 3 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

7. LEASES

Components of operating lease expense were as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

Operating lease costs

 

$

366

 

 

$

362

 

Variable lease costs

 

 

104

 

 

 

104

 

Short term lease costs

 

 

27

 

 

 

25

 

 

$

497

 

 

$

491

 

 

For the three months ended September 30, 2023, we made cash payments of $0.4 million for operating lease obligations. These payments are included in operating cash flows. As of September 30, 2023, the weighted-average remaining lease term under our capitalized operating leases was 4.5 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, 2023 (in thousands):

Year ending June 30,

 

Operating Leases

 

 

2024 (remainder of year)

 

$

1,229

 

 

2025

 

 

1,599

 

 

2026

 

 

1,171

 

 

2027

 

 

823

 

 

2028

 

 

700

 

 

Thereafter

 

 

626

 

 

Total lease payments

 

 

6,148

 

 

Imputed interest

 

 

(665

)

 

Total operating lease liability

 

$

5,483

 

(1)

Operating lease liability - current

 

$

1,394

 

(2)

Operating lease liability - long-term

 

 

4,089

 

(3)

 

$

5,483

 

(1)

 

(1)
Represents the present value of the operating lease liabilities as of September 30, 2023.
(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 one related party lease; for information on this lease refer to Note 14.