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Leases | 3 Months Ended
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Sep. 30, 2025
Leases |
Leases | 12. Leases Our leases primarily consist of operating leases related to our facilities located in Orlando, Florida; Plano, Texas; Hudson, New Hampshire; Riga, Latvia; and Zhenjiang, China, and finance leases related to certain equipment located in Orlando, Florida and Riga, Latvia. The operating leases for facilities are non-cancelable operating leases, with terms at various times through 2034. We typically include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise such options. We currently have fourteen finance lease agreements entered into during fiscal years 2023, 2024 and 2025 with terms ranging from three to five years. The finance leases are for computer and manufacturing equipment. Our operating lease ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. One of our operating leases includes renewal options, which were not included in the measurement of the operating lease ROU assets and related lease liabilities. The lease on the premises comprising our primary facility in Orlando, Florida (the “Orlando Facility”) was amended in April 2021, and again in September 2021, to expand the space. The lease term was extended and will expire on March 31, 2034. Our wholly-owned subsidiary, G5 Infrared, has a lease agreement for a manufacturing and office facility in Hudson, New Hampshire, which expires November 30, 2026. The Company’s wholly-owned subsidiary, Visimid, has a lease agreement for a manufacturing and office facility in Plano, Texas, which expires October 31, 2026. On July 7, 2025, Visimid entered into a lease agreement for another manufacturing and office facility in Plano, Texas, which commenced September 1, 2025 for a five-year term. The existing facility will be relocated to this larger facility. Our wholly-owned subsidiary, LPOIZ, has a lease agreement for a manufacturing and office facility in Zhenjiang, China, which expires December 31, 2027. ISP’s wholly-owned subsidiary, ISP Latvia, has two lease agreements for a manufacturing and office facility in Riga, Latvia, which leases expire December 31, 2030. The components of lease expense for the three months ended September 30, 2025 and 2024 were as follows:
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 253,318 |  |  | $ | 268,495 |
Finance lease cost: |  |  |  |  |  |  |  |
Depreciation of lease assets |  |  | 45,480 |  |  |  | 37,816 |
Interest on lease liabilities |  |  | 17,030 |  |  |  | 14,062 |
Total finance lease cost |  |  | 62,510 |  |  |  | 51,878 |
Total lease cost |  | $ | 315,828 |  |  | $ | 320,373 |
Supplemental balance sheet information related to the leases as of September 30, 2025 and June 30, 2025 was as follows:
|  | Classification |  | September 30, 2025 |  |  | June 30, 2025 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 7,688,839 |  |  | $ | 7,429,378 |
Finance lease assets |  | Property and equipment, net(1) |  |  | 875,886 |  |  |  | 920,569 |
Total lease assets |  |  |  | $ | 8,564,725 |  |  | $ | 8,349,947 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating leases |  | Operating lease liabilities, current |  | $ | 1,338,632 |  |  | $ | 1,254,062 |
Finance leases |  | Finance lease liabilities, current |  |  | 202,328 |  |  |  | 206,518 |
Noncurrent: |  |  |  |  |  |  |  |  |  |
Operating leases |  | Operating lease liabilities, less current portion |  |  | 8,440,693 |  |  |  | 8,326,250 |
Finance leases |  | Finance lease liabilities, less current portion |  |  | 370,422 |  |  |  | 421,363 |
Total lease liabilities |  |  |  | $ | 10,352,075 |  |  | $ | 10,208,193 |
| (1) | Finance lease assets were recorded net of accumulated depreciation of approximately $0.3 million as of both September 30, 2025 and June 30, 2025.
Lease term and discount rate information related to leases was as follows:
Lease Term and Discount Rate |  | September 30, 2025 |
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases |  |  | 7.7 |
Finance leases |  |  | 3.0 |
Weighted Average Discount Rate |  |  |  |
Operating leases |  |  | 3.3% |
Finance leases |  |  | 8.6% |
Supplemental cash flow information was as follows for the three months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash used for operating leases |  | $ | 313,766 |  |  | $ | 294,274 |
Operating cash used for finance leases |  | $ | 17,030 |  |  | $ | 14,062 |
Financing cash used for finance leases |  | $ | 55,398 |  |  | $ | 40,058 |
Future maturities of lease liabilities were as follows as of September 30, 2025:
Fiscal year ending: |  | Finance Leases |  |  | Operating Leases |
June 30, 2026 (remaining nine months) |  | $ | 183,232 |  |  | $ | 1,218,933 |
June 30, 2027 |  |  | 225,756 |  |  |  | 1,495,144 |
June 30, 2028 |  |  | 181,640 |  |  |  | 1,331,165 |
June 30, 2029 |  |  | 57,642 |  |  |  | 1,321,478 |
June 30, 2030 |  |  | — |  |  |  | 1,356,046 |
Thereafter |  |  | — |  |  |  | 4,379,685 |
Total future minimum payments |  |  | 648,270 |  |  |  | 11,102,451 |
Less imputed interest |  |  | (75,520 | ) |  |  | (1,323,126 | )
Present value of lease liabilities |  | $ | 572,750 |  |  | $ | 9,779,325 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
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