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Leases | 12 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one to eight years. As of June 30, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases was 6.90 years and 3.46%, respectively. As of June 30, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.27 years and 3.25%, respectively. In July 2023, LifeVantage Japan entered into an operating lease agreement with Sumitomo Mitsui Trust Bank, Limited, for a new office located in the Shinagawa Grand Central Tower in Tokyo, Japan. The lease is for approximately 5,200 square feet and has a lease term from July 1, 2023 through June 30, 2026 with the option to renew for an additional two years. Lease payments began in November 2023 totaling approximately $28,000 per month, or $0.3 million per year. During the fiscal year ended June 30, 2024, the Company also entered into new operating leases with previous lessors in Thailand and Taiwan and extended the operating lease Philippines. Each of these leases have a lease term of three years, expiring in fiscal year 2027. The components of lease expense for the fiscal years ended June 30, 2024 and 2023, were as follows:
| Years ended June 30,
| 2024 |  | 2023
Operating lease expense |  |  |
Operating lease cost | $ | 1,913 |  |  | $ | 2,537 |
Variable lease cost | 174 |  |  | 283 |
Short-term lease cost | 47 |  |  | 76 |
Total lease expense | $ | 2,134 |  |  | $ | 2,896 |
Supplemental cash flow information related to operating leases was as follows (in thousands):
| June 30, 2024 |  | June 30, 2023
Operating cash outflows from operating leases | $ | 2,187 |  |  | $ | 2,973 |
Right-of-use assets obtained in exchange for lease obligations | $ | 2,475 |  |  | $ | — |
Maturity of lease liabilities at June 30, 2024 are as follows (in thousands):
Year ended June 30, |  | Amount |
2025 |  | $ | 2,111 |  |
2026 |  | 2,154 |  |
2027 |  | 2,151 |  |
2028 |  | 2,037 |  |
2029 |  | 1,772 |  |
Thereafter |  | 4,622 |  |
Total |  | 14,847 |  |
Less: imputed interest |  | (1,235) |  |
Present value of lease liabilities |  | $ | 13,612 |  |

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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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