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OPERATING AND FINANCE LEASES | 12 Months Ended
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Jun. 30, 2025
Operating And Finance Leases |
OPERATING AND FINANCE LEASES | NOTE 6 – OPERATING AND FINANCE LEASES The Company accounts for its various operating leases in accordance with Accounting Standards Codification (‘ASC’) 842 – Lease, as updated by ASU 2016-02. At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured at present value of future lease payments on its balance sheet. Lease expense is recognized on a straight-line basis over the term of the lease. Our most common initial term varies in length from 2 to 19 years. Including renewal options negotiated with the landlord, we have a total span of 2 to 16 years at the facilities we lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted of only office space operating leases. In determining the right-to-use lease assets and liabilities, the Company did recognize lease extension options which the Company feels would be reasonably exercised. Our incremental borrowing rate (“IBR”) used to discount the stream of operating lease payments is closely related to the interest rates available to the Company. A reconciliation of operating and finance lease payments undiscounted cash flows to lease liabilities recognized as of June 30, 2025 is as follows:
Schedule of Operating Lease and Finance Lease Payments |  |  |  |  |  |  |  |  |
Year Ending June 30, |  | Operating Lease Payments |  | Finance Lease Payments
2026 |  |  | $ | 5,753,674 |  |  | $ | 244,343 |
2027 |  |  |  | 5,718,999 |  |  |  | 142,534 |
2028 |  |  |  | 5,629,193 |  |  |  | — |
2029 |  |  |  | 5,240,019 |  |  |  | — |
2030 |  |  |  | 5,120,717 |  |  |  | — |
Thereafter |  |  |  | 25,496,885 |  |  |  | — |
Present value discount |  |  |  | (14,427,905 | ) |  |  | (117 | )
Total lease liability |  |  | $ | 38,531,582 |  |  | $ | 386,760 |
Weighted Average Remaining Lease Term
Schedule of Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
|  | As of June 30,
|  | 2025 |  | 2024
Operating leases - years |  |  | 10.2 |  |  |  | 11.0 |
Finance lease - years |  |  | 1.6 |  |  |  | 2.6 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 | % |  |  | 6.4 | %
Finance lease |  |  | 3.6 | % |  |  | 3.6 | %
The components of lease expense were as follows:
Schedule of components of lease expense |  |  |  |  |  |  |  |
Components of lease expense |  |  |  |
|  | For Year Ended June 30,
|  | 2025 |  | 2024
Operating lease cost |  | $ | 6,110,496 |  |  | $ | 5,685,008 |
Finance lease cost: |  |  |  |  |  |  |  |
Depreciation of leased equipment |  | $ | 198,881 |  |  | $ | 198,881 |
Interest on lease liabilities |  |  | 16,812 |  |  |  | 26,534 |
Total finance lease cost |  | $ | 215,693 |  |  | $ | 225,415 |
Supplemental cash flow information related to leases was as follows:
Schedule of supplemental cash flow information related to leases |  |  |  |  |  |  |  |
Supplemental cash flow information related to leases |  |  |  |
|  | For Year Ended June 30,
Cash paid for amounts included in the measurement of lease liabilities: |  | 2025 |  | 2024
Operating cash flows from operating leases |  | $ | 5,729,571 |  |  | $ | 6,363,561 |
Financing cash flows from finance leases |  | $ | 264,705 |  |  | $ | 244,344 |
Right-of-use and equipment assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 2,319,913 |  |  | $ | 3,715,138 |
The Company rents its operating facilities and certain equipment, pursuant to operating lease agreements expiring at various dates through November 2033. The leases for certain facilities contain escalation clauses relating to increases in real property taxes as well as certain maintenance costs. Rent expense for operating leases approximated $6,110,000 and $5,685,000, for the years ended June 30, 2025 and 2024, respectively. Rent expense for the finance lease approximated $216,000 and $225,000 for the years ended June 30, 2025 and 2024, respectively.

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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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