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LEASES
 12 Months Ended
Jun. 30, 2023
Leases  
LEASES

 

14.LEASES

 

Effective February 2023, the Company entered into a 39-month corporate office lease extension and recognized the corresponding ROU asset and lease liability of $198 associated with this extension, based on a discount rate of 16%.

 

As of June 30, 2023 and 2022, the Company had one corporate office lease with a remaining lease term of 3.6 years and 1.3 years, respectively. During the year ended June 30, 2023 and 2022, operating cash flows included cash payments of $93 and $90, respectively related to the measurement of lease liabilities.

 

 

The Company incurred lease costs as follows:

 

                       
   For the year ended June 30, 
   2023   2022   2021 
 Operating Lease Cost:               
Fixed rent expense  $83   $83   $106 
Variable rent expense   13    12    7 
Short term lease cost   10    16    13 
Sublease income   (33)   (26)   (18)
Net lease cost  $73   $85   $108 
                
Lease cost – other operating expense  $73   $85   $89 
Lease cost – exploration expenditures   -    -    19 
Net lease cost  $73   $85   $108 

 

The maturity of lease liabilities is as follows at June 30, 2023:

 

     Fiscal Year Lease Maturities
  2024    $ 71 
  2025     96 
  2026     98 
  2027     50 
Total lease payments     315 
  Less amount of payments representing interest     (80)
Present value of lease payments     235 
  Less current portion of operating lease liability     (71)
Noncurrent operating lease liability   $ 164