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Leases

12 Months Ended

Jun. 30, 2023

6. LEASES

During our fiscal year ended June 30, 2023, we leased our office facilities under non-cancelable operating leases that expire on various dates through the fiscal year 2027. All of our office leases are classified as operating leases with lease expense recognized on a straight-line basis over the lease term. Lease ROU assets and liabilities are recognized on 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 to determine the present value of lease payments.

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


	As of June 30, 2023			As of June 30, 2022
Weighted average remaining lease term (in years)		3.40			4.05
Weighted average discount rate		4.97	%		4.92	%

The following table presents information about leases on our consolidated statement of operations (in thousands):

The following table presents supplemental cash flow information about our leases (in thousands):


	Years ended June 30,
	2023		2022
Operating cash outflows from operating leases	$	1,215	$	1,691
Right-of-use assets obtained in exchange for new operating lease liabilities		—		—

As of June 30, 2023, remaining maturities of lease liabilities are as follows (in thousands):


Fiscal Period:
Fiscal 2024	$	935
Fiscal 2025		668
Fiscal 2026		688
Fiscal 2027		528
Total minimum lease payments		2,819
Less: Imputed interest		(225)
Total operating lease liabilities		2,594
Less: Current operating lease liabilities		(832)
Total operating lease liabilities, net of current portion	$	1,762

Years ended June 30,

Operating lease expense