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Lease Obligations | 3 Months Ended
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Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Lease Obligations | 7. LEASE OBLIGATIONS The Company leases real and personal property in the normal course of business under various operating leases. The Company uses operating leases for facility space and automobiles. Most of the leased facility space is for sales and general office use. Automobile leases are used throughout the Company. Several leases include renewal clauses which vary in length and may not include specific rent renewal amounts. The Company will revise the value of the right of use assets and associated lease liabilities upon a remeasurement event. The net assets and liabilities related to operating leases were as follows (in thousands):
Lease Type |  | August 31, 2024 |  |  | June 1, 2024 |
Right of use lease assets |  | $ | 2,538 |  |  | $ | 2,760 |
Lease liabilities current |  |  | 1,107 |  |  |  | 1,169 |
Lease liabilities non-current |  |  | 1,431 |  |  |  | 1,591 |
The components of lease costs were as follows (in thousands):
|  |  |  | Three Months Ended |
|  |  |  | August 31, 2024 |  |  | September 2, 2023 |
Consolidated operating lease expense |  | Operating expenses |  | $ | 435 |  |  | $ | 454 |
The approximate future minimum lease payments under operating leases at August 31, 2024 were as follows (in thousands):
Fiscal Year |  | Operating Leases |
Remaining 2025 |  | $ | 981 |
2026 |  |  | 923 |
2027 |  |  | 425 |
2028 |  |  | 222 |
2029 |  |  | 146 |
Total lease payments |  |  | 2,697 |
Less imputed interest |  |  | 159 |
Net minimum lease payments |  | $ | 2,538 |
The weighted average remaining lease terms and interest rates of leases held by the Company as of August 31, 2024 and September 2, 2023 were as follows:
Operating Lease as of: |  | Weighted Average Remaining Lease Term in Years |  | Weighted Average Interest Rate
August 31, 2024 |  | 2.7 |  | 4.6%
September 2, 2023 |  | 2.5 |  | 4.1%
The cash activities associated with our leases for the three month periods ended August 31, 2024 and September 2, 2023, were as follows (in thousands):
|  |  |  | Three Months Ended |
Cash Flow Source |  | Classification |  | August 31, 2024 |  |  | September 2, 2023 |
Operating cash flows from operating leases |  | Operating activities |  | $ | 353 |  |  | $ | 111 |

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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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