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LEASES | 9 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024 |  | As of June 30, 2023
Assets: |  | Operating lease right-of-use assets |  | $ | 8,164 |  |  | $ | 2,575 |
Liabilities: |  |  |  |  |  |
Current |  | Accrued expenses |  | $ | 738 |  |  | $ | 1,266 |
Long-term |  | Operating lease liabilities, non-current |  | 9,035 |  |  | 2,504 |
Total lease liabilities |  |  |  | $ | 9,773 |  |  | $ | 3,770 |
Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Nine months ended March 31, 2024 |  | Nine months ended March 31, 2023
Supplemental cash flow information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,827 |  |  | $ | 1,793 |
Non-cash activity: |  |  |
Lease assets obtained in exchange for new operating lease liabilities | $ | 6,657 |  |  | $ | — |
Maturities of lease liabilities by fiscal year for our leases as of March 31, 2024 are as follows:
($ in thousands) | Operating Leases
Remainder of 2024 | $ | 321 |
2025 | 1,623 |
2026 | 2,341 |
2027 | 1,792 |
2028 | 1,359 |
Thereafter | $ | 6,570 |
Total lease payments | $ | 14,006 |
Less: Imputed interest | (4,233) |
Present value of lease liabilities | $ | 9,773 |
In February 2023, the Company extended the lease for its existing Atlanta, Georgia office for an additional 73-months period including rent-free periods. The lease commenced on July 1, 2023 and we recognized right-of-use operating lease assets of $1.8 million in exchange for operating lease liabilities. In May 2023, the Company signed a new lease for its office in Malvern, Pennsylvania. The new lease has a 133-months term starting in March 2024. The Company determined the lease commenced on November 1, 2023 when the lessor granted early access to the Company to begin making leasehold improvements prior to start of the formal lease term. We recognized right-of-use operating lease assets of $4.9 million in exchange for operating lease liabilities on the commencement date. Lessor Accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | March 31, 2024 |  | June 30, 2023
Cost |  | $ | 30,955 |  |  | 28,398 |
Accumulated depreciation |  | (24,605) |  |  | (23,221) |
Net |  | $ | 6,350 |  |  | $ | 5,177 |
For the three months ended March 31, 2024 and 2023, the Company recognized $2.1 million and $2.0 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. For the nine months ended March 31, 2024 and 2023, the Company recognized $6.1 million and $5.7 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of March 31, 2024 are disclosed within Note 4 - Finance Receivables.
LEASES | LEASES Lessee Accounting We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:
($ in thousands) |  | Balance Sheet Classification |  | As of March 31, 2024 |  | As of June 30, 2023
Assets: |  | Operating lease right-of-use assets |  | $ | 8,164 |  |  | $ | 2,575 |
Liabilities: |  |  |  |  |  |
Current |  | Accrued expenses |  | $ | 738 |  |  | $ | 1,266 |
Long-term |  | Operating lease liabilities, non-current |  | 9,035 |  |  | 2,504 |
Total lease liabilities |  |  |  | $ | 9,773 |  |  | $ | 3,770 |
Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Nine months ended March 31, 2024 |  | Nine months ended March 31, 2023
Supplemental cash flow information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,827 |  |  | $ | 1,793 |
Non-cash activity: |  |  |
Lease assets obtained in exchange for new operating lease liabilities | $ | 6,657 |  |  | $ | — |
Maturities of lease liabilities by fiscal year for our leases as of March 31, 2024 are as follows:
($ in thousands) | Operating Leases
Remainder of 2024 | $ | 321 |
2025 | 1,623 |
2026 | 2,341 |
2027 | 1,792 |
2028 | 1,359 |
Thereafter | $ | 6,570 |
Total lease payments | $ | 14,006 |
Less: Imputed interest | (4,233) |
Present value of lease liabilities | $ | 9,773 |
In February 2023, the Company extended the lease for its existing Atlanta, Georgia office for an additional 73-months period including rent-free periods. The lease commenced on July 1, 2023 and we recognized right-of-use operating lease assets of $1.8 million in exchange for operating lease liabilities. In May 2023, the Company signed a new lease for its office in Malvern, Pennsylvania. The new lease has a 133-months term starting in March 2024. The Company determined the lease commenced on November 1, 2023 when the lessor granted early access to the Company to begin making leasehold improvements prior to start of the formal lease term. We recognized right-of-use operating lease assets of $4.9 million in exchange for operating lease liabilities on the commencement date. Lessor Accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | March 31, 2024 |  | June 30, 2023
Cost |  | $ | 30,955 |  |  | 28,398 |
Accumulated depreciation |  | (24,605) |  |  | (23,221) |
Net |  | $ | 6,350 |  |  | $ | 5,177 |
For the three months ended March 31, 2024 and 2023, the Company recognized $2.1 million and $2.0 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. For the nine months ended March 31, 2024 and 2023, the Company recognized $6.1 million and $5.7 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of March 31, 2024 are disclosed within Note 4 - Finance Receivables.
LEASES | LEASES Lessee Accounting We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:
($ in thousands) |  | Balance Sheet Classification |  | As of March 31, 2024 |  | As of June 30, 2023
Assets: |  | Operating lease right-of-use assets |  | $ | 8,164 |  |  | $ | 2,575 |
Liabilities: |  |  |  |  |  |
Current |  | Accrued expenses |  | $ | 738 |  |  | $ | 1,266 |
Long-term |  | Operating lease liabilities, non-current |  | 9,035 |  |  | 2,504 |
Total lease liabilities |  |  |  | $ | 9,773 |  |  | $ | 3,770 |
Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Nine months ended March 31, 2024 |  | Nine months ended March 31, 2023
Supplemental cash flow information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,827 |  |  | $ | 1,793 |
Non-cash activity: |  |  |
Lease assets obtained in exchange for new operating lease liabilities | $ | 6,657 |  |  | $ | — |
Maturities of lease liabilities by fiscal year for our leases as of March 31, 2024 are as follows:
($ in thousands) | Operating Leases
Remainder of 2024 | $ | 321 |
2025 | 1,623 |
2026 | 2,341 |
2027 | 1,792 |
2028 | 1,359 |
Thereafter | $ | 6,570 |
Total lease payments | $ | 14,006 |
Less: Imputed interest | (4,233) |
Present value of lease liabilities | $ | 9,773 |
In February 2023, the Company extended the lease for its existing Atlanta, Georgia office for an additional 73-months period including rent-free periods. The lease commenced on July 1, 2023 and we recognized right-of-use operating lease assets of $1.8 million in exchange for operating lease liabilities. In May 2023, the Company signed a new lease for its office in Malvern, Pennsylvania. The new lease has a 133-months term starting in March 2024. The Company determined the lease commenced on November 1, 2023 when the lessor granted early access to the Company to begin making leasehold improvements prior to start of the formal lease term. We recognized right-of-use operating lease assets of $4.9 million in exchange for operating lease liabilities on the commencement date. Lessor Accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | March 31, 2024 |  | June 30, 2023
Cost |  | $ | 30,955 |  |  | 28,398 |
Accumulated depreciation |  | (24,605) |  |  | (23,221) |
Net |  | $ | 6,350 |  |  | $ | 5,177 |
For the three months ended March 31, 2024 and 2023, the Company recognized $2.1 million and $2.0 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. For the nine months ended March 31, 2024 and 2023, the Company recognized $6.1 million and $5.7 million of revenue from its device rental program, respectively, included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations. 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 March 31, 2024 are disclosed within Note 4 - Finance Receivables.

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