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Leases | 9 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of appro ximately one to eight years. As of March 31, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases was 7.28 years and 3.26%, 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. For the three months ended March 31, 2024 and 2023, operating lease expense was $0.5 million and $0.6 million, respectively. For the nine months ended March 31, 2024 and 2023, operating lease expense was $1.6 million and $2.2 million, respectively. The components of lease expense for the three and nine months ended March 31, 2024 and 2023, were as follows:
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease expense |  |  |  |  |  |  |
Operating lease cost | $ | 459 |  |  | $ | 516 |  |  | $ | 1,451 |  |  | $ | 1,929 |
Variable lease cost | 42 |  |  | 103 |  |  | 136 |  |  | 189 |
Short-term lease costs | 12 |  |  | 18 |  |  | 35 |  |  | 63 |
Total lease expense | $ | 513 |  |  | $ | 637 |  |  | $ | 1,622 |  |  | $ | 2,181 |
Supplemental cash flow information related to operating leases was as follows (in thousands):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating cash outflows from operating leases | $ | 560 |  |  | $ | 782 |  |  | $ | 1,651 |  |  | $ | 2,288 |
Right-of-use assets obtained in exchange for lease obligations | $ | 265 |  |  | $ | — |  |  | $ | 1,767 |  |  | $ | — |
Maturity of lease liabilities at March 31, 2024 are as follows (in thousands):
Year ended June 30, |  | Amount
2024 (remaining three months ending June 30, 2024) |  | $ | 550 |
2025 |  | 2,025 |
2026 |  | 2,068 |
2027 |  | 2,080 |
2028 |  | 2,057 |
Thereafter |  | 6,394 |
Total |  | 15,174 |
Less: imputed interest |  | (1,647) |
Present value of lease liabilities |  | $ | 13,527 |

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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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