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LEASES | 6 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | LEASES Lessee Accounting The Company has operating leases for office space, warehouses, and office equipment. At December 31, 2022, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Balance Sheet Classification |  | As of December 31, 2022 |  | As of June 30, 2022
Assets: |  | Operating lease right-of-use assets |  | $ | 1,778 |  |  | $ | 2,370 |
Liabilities: |  |  |  |  |  |
Current |  | Accrued expenses |  | $ | 1,346 |  |  | $ | 1,538 |
Long-term |  | Operating lease liabilities, non-current |  | 1,808 |  |  | 2,366 |
Total lease liabilities |  |  |  | $ | 3,154 |  |  | $ | 3,904 |
The operating lease right-of-use assets are significantly lower than total lease liabilities as indicated in table above. The variance is primarily driven by impairment charges recognized on our right-of-use assets of $1.6 million in fiscal year 2021, when we optimized our corporate real estate footprint. Components of lease cost are as follows:
($ in thousands) | Three months ended December 31, 2022 |  | Three months ended December 31, 2021
Operating lease costs* | 516 |  |  | 443 |
($ in thousands) | Six months ended December 31, 2022 |  | Six months ended December 31, 2021
Operating lease costs* | 1,052 |  |  | 885 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Six months ended December 31, 2022 |  | Six months ended December 31, 2021
Supplemental cash flow information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,064 |  |  | $ | 840 |
Non-cash activity: |  |  |
Lease assets obtained in exchange for new operating lease liabilities | $ | — |  |  | $ | 471 |
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases
Remainder of 2023 | $ | 886 |
2024 | 1,029 |
2025 | 707 |
2026 | 628 |
2027 | 265 |
Total lease payments | $ | 3,515 |
Less: Imputed interest | (361) |
Present value of lease liabilities | $ | 3,154 |
Lessor Accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | December 31, 2022 |  | June 30, 2022
Cost |  | $ | 27,025 |  |  | 25,242 |
Accumulated depreciation |  | (22,621) |  |  | (22,914) |
Net |  | $ | 4,404 |  |  | $ | 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 December 31, 2022 are disclosed within Note 6 - Finance Receivables.
LEASES | LEASES Lessee Accounting The Company has operating leases for office space, warehouses, and office equipment. At December 31, 2022, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Balance Sheet Classification |  | As of December 31, 2022 |  | As of June 30, 2022
Assets: |  | Operating lease right-of-use assets |  | $ | 1,778 |  |  | $ | 2,370 |
Liabilities: |  |  |  |  |  |
Current |  | Accrued expenses |  | $ | 1,346 |  |  | $ | 1,538 |
Long-term |  | Operating lease liabilities, non-current |  | 1,808 |  |  | 2,366 |
Total lease liabilities |  |  |  | $ | 3,154 |  |  | $ | 3,904 |
The operating lease right-of-use assets are significantly lower than total lease liabilities as indicated in table above. The variance is primarily driven by impairment charges recognized on our right-of-use assets of $1.6 million in fiscal year 2021, when we optimized our corporate real estate footprint. Components of lease cost are as follows:
($ in thousands) | Three months ended December 31, 2022 |  | Three months ended December 31, 2021
Operating lease costs* | 516 |  |  | 443 |
($ in thousands) | Six months ended December 31, 2022 |  | Six months ended December 31, 2021
Operating lease costs* | 1,052 |  |  | 885 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Six months ended December 31, 2022 |  | Six months ended December 31, 2021
Supplemental cash flow information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,064 |  |  | $ | 840 |
Non-cash activity: |  |  |
Lease assets obtained in exchange for new operating lease liabilities | $ | — |  |  | $ | 471 |
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases
Remainder of 2023 | $ | 886 |
2024 | 1,029 |
2025 | 707 |
2026 | 628 |
2027 | 265 |
Total lease payments | $ | 3,515 |
Less: Imputed interest | (361) |
Present value of lease liabilities | $ | 3,154 |
Lessor Accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | December 31, 2022 |  | June 30, 2022
Cost |  | $ | 27,025 |  |  | 25,242 |
Accumulated depreciation |  | (22,621) |  |  | (22,914) |
Net |  | $ | 4,404 |  |  | $ | 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 December 31, 2022 are disclosed within Note 6 - Finance Receivables.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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