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Note 13 - Leases | 6 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Leases [Text Block] | NOTE 13 - LEASES The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. The Company also acquired buildings, machinery, and forklift leases with the acquisition of JSI, as well as one sublease. All but two of the Company’s leases are operating leases. Leases have a remaining term of one to seven years some of which have an option to renew. The Company does not assume renewals in determining the lease term unless the renewals are deemed reasonably certain. The lease agreements do not contain any material residual guarantees or material variable lease payments. The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. For the three and six months ended December 31, 2023, and 2022, the rent expense for these leases is immaterial. The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31 |  |  | December 31 |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 993 |  |  | $ | 885 |  |  | $ | 1,900 |  |  | $ | 1,776 |
Financing lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right of use assets |  |  | 73 |  |  |  | 74 |  |  |  | 146 |  |  |  | 148 |
Interest on lease liabilities |  |  | 14 |  |  |  | 17 |  |  |  | 28 |  |  |  | 35 |
Variable lease cost |  |  | 22 |  |  |  | 22 |  |  |  | 44 |  |  |  | 44 |
Sublease income |  |  | (116 | ) |  |  | (116 | ) |  |  | (232 | ) |  |  | (232 | )
Total lease cost |  | $ | 986 |  |  | $ | 882 |  |  | $ | 1,886 |  |  | $ | 1,771 |
Supplemental Cash Flow Information: |  | Six Months Ended |
|  | December 31 |
(In thousands) |  | 2023 |  |  | 2022 |
Cash flows from operating leases |  |  |  |  |  |  |  |
Fixed payments - operating cash flows |  | $ | 1,778 |  |  | $ | 1,832 |
Liability reduction - operating cash flows |  | $ | 1,537 |  |  | $ | 1,618 |
Cash flows from finance leases |  |  |  |  |  |  |  |
Interest - operating cash flows |  | $ | 28 |  |  | $ | 35 |
Repayments of principal portion - financing cash flows |  | $ | 156 |  |  | $ | 123 |
Operating Leases: |  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
Total operating right-of-use assets |  | $ | 9,931 |  |  | $ | 8,921 |
Accrued expenses (Current liabilities) |  | $ | 3,752 |  |  | $ | 3,566 |
Long-term operating lease liability |  |  | 6,851 |  |  |  | 5,954 |
Total operating lease liabilities |  | $ | 10,603 |  |  | $ | 9,520 |
Weighted Average remaining Lease Term (in years) |  |  | 3.89 |  |  |  | 3.31 |
Weighted Average Discount Rate |  |  | 5.33 | % |  |  | 5.44 | %
Finance Leases: |  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
Buildings under finance leases |  | $ | 2,033 |  |  | $ | 2,033 |
Equipment under finance leases |  |  | 41 |  |  |  | 34 |
Accumulated depreciation |  |  | (1,086 | ) |  |  | (929 | )
Total finance lease assets, net |  | $ | 1,060 |  |  | $ | 1,138 |
Accrued expenses (Current liabilities) |  | $ | 307 |  |  | $ | 284 |
Long-term finance lease liability |  |  | 800 |  |  |  | 960 |
Total finance lease liabilities |  | $ | 1,107 |  |  | $ | 1,244 |
Weighted Average remaining Lease Term (in years) |  |  | 3.33 |  |  |  | 3.83 |
Weighted Average Discount Rate |  |  | 4.86 | % |  |  | 4.86 | %
Maturities of Lease Liability: |  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |  |  | Operating Subleases |  |  | Net Lease Commitments |
2024 |  | $ | 3,752 |  |  | $ | 307 |  |  | $ | (189 | ) |  | $ | 3,870 |
2025 |  |  | 3,026 |  |  |  | 362 |  |  |  | (31 | ) |  |  | 3,357 |
2026 |  |  | 1,929 |  |  |  | 362 |  |  |  | - |  |  |  | 2,291 |
2027 |  |  | 1,463 |  |  |  | 195 |  |  |  | - |  |  |  | 1,658 |
2028 |  |  | 649 |  |  |  | - |  |  |  | - |  |  |  | 649 |
Thereafter |  |  | 1,131 |  |  |  | - |  |  |  | - |  |  |  | 1,131 |
Total lease payments |  | $ | 11,950 |  |  | $ | 1,226 |  |  | $ | (220 | ) |  | $ | 12,956 |
Less: Interest |  |  | (1,347 | ) |  |  | (119 | ) |  |  |  |  |  |  | (1,466 | )
Present Value of Lease Liabilities |  | $ | 10,603 |  |  | $ | 1,107 |  |  |  |  |  |  | $ | 11,490 |

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