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Leases

9 Months Ended

Mar. 31, 2022

Leases

Leases

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5. LEASES

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We lease our office facilities under non-cancelable operating leases that expire on various dates through fiscal year 2027. Additionally, we are the sublessor for certain office space. All of our office leases are classified as operating leases with lease expense recognized on a straight-line basis over the lease term. Lease right-of-use assets and liabilities are recognized at the commencement date at the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments.

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Total operating lease costs were $329,000 and $437,000 for the three months ended March 31, 2022 and 2021, respectively. Total operating lease costs were $1.0 million and $1.3 million for the nine months ended March 31, 2022 and 2021, respectively.

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Operating lease amounts above do not include sublease income. The Company secured a sublease agreement with a third party and recognized sublease income of $154,000 for the three months ended March 31, 2022 and 2021, and $463,000 for the nine months ended March 31, 2022 and 2021.

For the three and nine months ended March 31, 2022, operating cash outflows for operating leases were $468,000 and $1.4 million, respectively. For the three and nine months ended March 31, 2021, operating cash outflows for operating leases were $461,000 and $1.5 million, respectively.

In August 2021, the Company modified one of its existing operating leases by extending it to 2027, which resulted in an increase to operating lease right-of-use assets and operating lease liabilities in the amount of $2.8 million.

The following tables present information about leases on our condensed consolidated balance sheet (in thousands):

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​	​	​	​	​	​	​	​
​	​	March 31,		​	June 30,		​
​	​	2022		​	2021		​
Assets:	​	​	​	​	​	​	​
Operating lease right-of-use assets	​	$	4,177	​	$	2,191	​
Liabilities:	​	​	​	​	​	​	​
Operating lease liabilities	​	​	1,068	​	​	1,466	​
Operating lease liabilities, net of current portion	​	​	2,819	​	​	797	​

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The following table presents information about the weighted average lease term and discount rate as follows:

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​	​	​	​	​	​	​	​	​	​
​	​	As of March 31, 2022		​	​	As of June 30, 2021		​	​
Weighted average remaining lease term (in years)	​	​	4.20	​	​	​	1.78	​	​
Weighted average discount rate	​	​	4.90	%	​	​	4.75	%	​

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As of March 31, 2022, remaining maturities of lease liabilities are as follows (in thousands):

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Fiscal Period:	​	​	​
Remaining three months of fiscal 2022	​	$	308
Fiscal 2023	​	​	1,224
Fiscal 2024	​		891
Fiscal 2025	​		668
Fiscal 2026	​	​	688
Thereafter	​	​	528
Total minimum lease payments	​	​	4,307
Less: Imputed interest	​	​	(420)
Total	​	$	3,887

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- References

No definition available.

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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 http://asc.fasb.org/subtopic&trid=77888251

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