XML 47 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Leases
 12 Months Ended
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,
20242023
Operating lease expense
Operating lease cost$1,913 $2,537 
Variable lease cost174 283 
Short-term lease cost47 76 
Total lease expense$2,134 $2,896 
Supplemental cash flow information related to operating leases was as follows (in thousands):
June 30, 2024June 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 
20262,154 
20272,151 
20282,037 
20291,772 
Thereafter4,622 
Total14,847 
Less: imputed interest(1,235)
Present value of lease liabilities$13,612