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LEASES

12 Months Ended

Jun. 30, 2025

6. LEASES

During our fiscal year ended June 30, 2025, we leased our office facilities under non-cancelable operating leases that expire on various dates through the fiscal year 2033. We also modified two of our existing operating leases by extending the terms under such leases, which resulted in an increase in operating lease right-of-use assets and operating lease liabilities in the amount of approximately $677,000 during our fiscal year ended June 30, 2025. 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, 2025			As of June 30, 2024
Weighted average remaining lease term (in years)		5.14			5.52
Weighted average discount rate		8.41	%		7.66	%

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):

As of June 30, 2025, remaining maturities of lease liabilities are as follows (in thousands):


Fiscal Period:
Fiscal 2026	$	1,221
Fiscal 2027		1,107
Fiscal 2028		593
Fiscal 2029		426
Fiscal 2030		302
Thereafter		1,056
Total minimum lease payments		4,705
Less: Imputed interest		(1,036)
Total operating lease liabilities		3,669
Less: Current operating lease liabilities		(1,220)
Total operating lease liabilities, net of current portion	$	2,449

Years ended June 30,

Operating lease expense