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LEASES | 12 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES Lessee accounting We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:
($ in thousands) |  | Balance Sheet Classification |  | As of June 30, 2023 |  | As of June 30, 2022
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 2,575 |  |  | $ | 2,370 |
Liabilities |  |  |  |  |  |
Current |  | Accrued expenses |  | 1,266 |  |  | 1,538 |
Long-term |  | Operating lease liabilities, non-current |  | 2,504 |  |  | 2,366 |
Total lease liabilities |  |  |  | $ | 3,770 |  |  | $ | 3,904 |
Components of lease cost are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Operating lease costs* | $ | 2,490 |  |  | $ | 1,923 |  |  | $ | 2,079 |
* Includes short-term lease and variable lease costs of $0.4 million for the year ended June 30, 2023, 2022 and 2021. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Supplemental cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 2,522 |  |  | $ | 1,737 |  |  | $ | 1,635 |
Non-cash activity: |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating lease | $ | 1,607 |  |  | $ | 471 |  |  | $ | — |
Weighted-average remaining lease term and discount rate for our leases are as follows:
| Year ended June 30, 2023 |  | Year ended June 30, 2022
Weighted-average remaining lease term (years) |  |  |
Operating leases | 3.2 |  | 3.4
Weighted-average discount rate |  |  |
Operating leases | 7.5 | % |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases as of June 30, 2023 are as follows:
($ in thousands) | Operating Leases
2024 | $ | 1,502 |
2025 | 1,181 |
2026 | 1,102 |
2027 | 462 |
2028 | — |
Total lease payments | $ | 4,247 |
Less: Imputed interest | (477) |
Present value of lease liabilities | $ | 3,770 |
In connection with the acquisition of 32M, the Company entered into additional operating leases for office space located in River Falls, Wisconsin and Birmingham, UK. These leases commenced on December 31, 2022 with a term of 48-months. In February 2023, the Company extended its existing Atlanta, Georgia office operating lease for an additional 70-months period. The lease extension commenced on July 1, 2023. In May 2023, the Company signed a new lease for its corporate office in Malvern, Pennsylvania. The new lease has a 133-months term and the anticipated lease commencement date is December 1, 2023 upon the expiration of the Company's current office lease. These two leases were not included in the Operating lease right-of-use assets or liabilities on the Consolidated Balance Sheets for as of June 30, 2023. Lessor accounting Property and equipment used for the Company's operating lease rental program consisted of the following:
|  | As of June 30,
($ in thousands) |  | 2023 |  | 2022
Cost |  | $ | 28,398 |  |  | $ | 25,242 |
Accumulated depreciation |  | (23,221) |  |  | (22,914) |
Net |  | $ | 5,177 |  |  | $ | 2,328 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2023 are disclosed within Note 7, Finance Receivables.
LEASES | LEASES Lessee accounting We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:
($ in thousands) |  | Balance Sheet Classification |  | As of June 30, 2023 |  | As of June 30, 2022
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 2,575 |  |  | $ | 2,370 |
Liabilities |  |  |  |  |  |
Current |  | Accrued expenses |  | 1,266 |  |  | 1,538 |
Long-term |  | Operating lease liabilities, non-current |  | 2,504 |  |  | 2,366 |
Total lease liabilities |  |  |  | $ | 3,770 |  |  | $ | 3,904 |
Components of lease cost are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Operating lease costs* | $ | 2,490 |  |  | $ | 1,923 |  |  | $ | 2,079 |
* Includes short-term lease and variable lease costs of $0.4 million for the year ended June 30, 2023, 2022 and 2021. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Supplemental cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 2,522 |  |  | $ | 1,737 |  |  | $ | 1,635 |
Non-cash activity: |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating lease | $ | 1,607 |  |  | $ | 471 |  |  | $ | — |
Weighted-average remaining lease term and discount rate for our leases are as follows:
| Year ended June 30, 2023 |  | Year ended June 30, 2022
Weighted-average remaining lease term (years) |  |  |
Operating leases | 3.2 |  | 3.4
Weighted-average discount rate |  |  |
Operating leases | 7.5 | % |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases as of June 30, 2023 are as follows:
($ in thousands) | Operating Leases
2024 | $ | 1,502 |
2025 | 1,181 |
2026 | 1,102 |
2027 | 462 |
2028 | — |
Total lease payments | $ | 4,247 |
Less: Imputed interest | (477) |
Present value of lease liabilities | $ | 3,770 |
In connection with the acquisition of 32M, the Company entered into additional operating leases for office space located in River Falls, Wisconsin and Birmingham, UK. These leases commenced on December 31, 2022 with a term of 48-months. In February 2023, the Company extended its existing Atlanta, Georgia office operating lease for an additional 70-months period. The lease extension commenced on July 1, 2023. In May 2023, the Company signed a new lease for its corporate office in Malvern, Pennsylvania. The new lease has a 133-months term and the anticipated lease commencement date is December 1, 2023 upon the expiration of the Company's current office lease. These two leases were not included in the Operating lease right-of-use assets or liabilities on the Consolidated Balance Sheets for as of June 30, 2023. Lessor accounting Property and equipment used for the Company's operating lease rental program consisted of the following:
|  | As of June 30,
($ in thousands) |  | 2023 |  | 2022
Cost |  | $ | 28,398 |  |  | $ | 25,242 |
Accumulated depreciation |  | (23,221) |  |  | (22,914) |
Net |  | $ | 5,177 |  |  | $ | 2,328 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2023 are disclosed within Note 7, Finance Receivables.
LEASES | LEASES Lessee accounting We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:
($ in thousands) |  | Balance Sheet Classification |  | As of June 30, 2023 |  | As of June 30, 2022
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 2,575 |  |  | $ | 2,370 |
Liabilities |  |  |  |  |  |
Current |  | Accrued expenses |  | 1,266 |  |  | 1,538 |
Long-term |  | Operating lease liabilities, non-current |  | 2,504 |  |  | 2,366 |
Total lease liabilities |  |  |  | $ | 3,770 |  |  | $ | 3,904 |
Components of lease cost are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Operating lease costs* | $ | 2,490 |  |  | $ | 1,923 |  |  | $ | 2,079 |
* Includes short-term lease and variable lease costs of $0.4 million for the year ended June 30, 2023, 2022 and 2021. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022 |  | Year ended June 30, 2021
Supplemental cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 2,522 |  |  | $ | 1,737 |  |  | $ | 1,635 |
Non-cash activity: |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating lease | $ | 1,607 |  |  | $ | 471 |  |  | $ | — |
Weighted-average remaining lease term and discount rate for our leases are as follows:
| Year ended June 30, 2023 |  | Year ended June 30, 2022
Weighted-average remaining lease term (years) |  |  |
Operating leases | 3.2 |  | 3.4
Weighted-average discount rate |  |  |
Operating leases | 7.5 | % |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases as of June 30, 2023 are as follows:
($ in thousands) | Operating Leases
2024 | $ | 1,502 |
2025 | 1,181 |
2026 | 1,102 |
2027 | 462 |
2028 | — |
Total lease payments | $ | 4,247 |
Less: Imputed interest | (477) |
Present value of lease liabilities | $ | 3,770 |
In connection with the acquisition of 32M, the Company entered into additional operating leases for office space located in River Falls, Wisconsin and Birmingham, UK. These leases commenced on December 31, 2022 with a term of 48-months. In February 2023, the Company extended its existing Atlanta, Georgia office operating lease for an additional 70-months period. The lease extension commenced on July 1, 2023. In May 2023, the Company signed a new lease for its corporate office in Malvern, Pennsylvania. The new lease has a 133-months term and the anticipated lease commencement date is December 1, 2023 upon the expiration of the Company's current office lease. These two leases were not included in the Operating lease right-of-use assets or liabilities on the Consolidated Balance Sheets for as of June 30, 2023. Lessor accounting Property and equipment used for the Company's operating lease rental program consisted of the following:
|  | As of June 30,
($ in thousands) |  | 2023 |  | 2022
Cost |  | $ | 28,398 |  |  | $ | 25,242 |
Accumulated depreciation |  | (23,221) |  |  | (22,914) |
Net |  | $ | 5,177 |  |  | $ | 2,328 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2023 are disclosed within Note 7, Finance Receivables.

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