A-Mark Precious Metals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

6 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. LEASES

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Operating lease costs	$	366	$	366	$	732	$	728
Variable lease costs		107		115		211		219
Short term lease costs		26		24		53		49
	$	499	$	505	$	996	$	996

For the six months ended December 31, 2023, we made cash payments of $0.8 million for operating lease obligations. These payments are included in operating cash flows. As of December 31, 2023, the weighted-average remaining lease term under our capitalized operating leases was 4.3 years, while the weighted-average discount rate for our operating leases was approximately 4.9%.

The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of December 31, 2023 for our operating leases were as follows (in thousands):


Year ending June 30,	Operating Leases
2024 (remainder of year)	$	833
2025		1,599
2026		1,171
2027		823
2028		700
Thereafter		626
Total lease payments		5,752
Imputed interest		(599	)
Total operating lease liability	$	5,153		(1)
Operating lease liability - current	$	1,422		(2)
Operating lease liability - long-term		3,731		(3)
	$	5,153		(1)

(1)

Represents the present value of the operating lease liabilities as of December 31, 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.