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Leases | 12 Months Ended
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Jun. 30, 2023
Leases |
Leases |
9. |  | Leases
In general, our leases include office buildings for various facilities worldwide which are all classified as operating leases. We also have financing leases related to some office equipment in the United States. Components of lease expense and supplemental cash flow information:
Components of lease expense |  |  |  |
|  | June 30, 2023 |
|  | (In thousands) |
Components of lease expense |  |  |  |
Operating lease cost |  | $ | 2,583 |
Financing lease cost |  |  | 30 |
Financing lease interest expense |  |  | 10 |
Supplemental cash flow information |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 1,701 |
Cash paid for amounts included in the measurement of financing lease liabilities |  | $ | 30 |
Right-of-use assets obtained in exchange for lease obligation |  | $ | 4,856 |
The weighted-average remaining lease term is 3.76 years. The weighted-average discount rate is 4.6 percent. Maturities of lease liabilities as of June 30, 2023 were as follows:
Maturities of lease liabilities |  |  |  |  |  |  |  |
Years ending June 30, |  | Operating |  |  | Financing |
|  | (In thousands) |
2024 |  | $ | 2,272 |  |  | $ | 222 |
2025 |  |  | 2,059 |  |  |  | 213 |
2026 |  |  | 1,695 |  |  |  | 117 |
2027 |  |  | 1,648 |  |  |  | 22 |
2028 |  |  | 1,698 |  |  |  | 19 |
Thereafter |  |  | 4,479 |  |  |  | – |
Total remaining lease payments |  |  | 13,851 |  |  |  | 593 |
less: imputed interest |  |  | (2,076 | ) |  |  | (84 | )
Lease liability |  | $ | 11,775 |  |  | $ | 509 |
Reported as: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 1,677 |  |  | $ | 182 |
Non-current liabilities |  | $ | 10,098 |  |  | $ | 327 |
California Corporate Headquarters Lease In July 2022, we commenced the lease of approximately 14,000 square feet of office space for our corporate headquarters in Irvine, California. The term of the lease is 84 months from the commencement date, with an option to extend the lease for one 60-month extension period at a basic rent to be agreed upon by the parties or determined pursuant to the lease. The initial basic rent payable is $28,900 per month and is subject to customary annual rent increases. The aggregate basic rent payable under the lease during the 84-month term is approximately $2,700,000. We are also obligated to pay as additional rent our proportionate share of operating expenses, including property taxes. Additionally, the lease required us to deliver to the landlord an irrevocable stand-by letter of credit in the amount of $50,000 as security in the case of default. We accounted for this lease as an operating lease in accordance with ASC 842. Upon commencement of the lease, we recorded a right-of-use asset of $2,852,000 and lease liability of $2,852,000 at the inception of the lease based upon a discount rate of 4.6% over a term of 7 years.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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