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Leases

3 Months Ended

Sep. 30, 2023

5. LEASES

We lease our office facilities under non-cancelable operating leases that expire on various dates through 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.

Total operating lease costs were $326,000 and $321,000 for the three months ended September 30, 2023 and 2022, respectively.

For the three months ended September 30, 2023 and 2022, operating cash outflows for operating leases were $315,000 and $298,000, respectively.

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


	September 30, 2023		June 30, 2023
Assets:
Operating lease right-of-use assets	$	2,497	$	2,797
Liabilities:
Operating lease liabilities		689		832
Operating lease liabilities, net of current portion		1,617		1,762

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


	September 30, 2023		June 30, 2023
Weighted average remaining lease term (in years)	3.32		3.40
Weighted average discount rate	4.99	%	4.97	%

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


Fiscal Period:
Remaining nine months of fiscal 2024	$	618
Fiscal 2025		668
Fiscal 2026		688
Fiscal 2027		527
Total minimum lease payments		2,501
Less: Imputed interest		(195)
Total operating lease liabilities		2,306
Less: Current operating lease liabilities		(689)
Total operating lease liabilities, net of current portion	$	1,617