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Note 21 - Leases | 6 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee and Lessor, Leases [Text Block] |
21. | LEASES
Company as Lessor Operating leases under which the Company is the lessor arise from leasing the Company’s commercial real estate investment property to third parties. Initial lease terms generally range from 12 to 60 months. Depreciation expense for assets subject to operating leases is taken into account primarily on the straight-line method over a period of 20 years in amounts necessary to reduce the carrying amount of the asset to its estimated residual value. Depreciation expense relating to the property held as investments in operating leases was $34 and $38 for the three months ended December 31, 2023, and December 31, 2022, respectively. Future minimum rental income in China and Thailand to be received from Fiscal 2024 to the fiscal year ended June 30, 2027 (“Fiscal 2027”) on non-cancelable operating leases is contractually due as follows as of December 31, 2023:
Remainder of Fiscal 2024 |  | $ | 67 |
2025 |  |  | 134 |
2026 |  |  | 45 |
2027 |  |  | 15 |
|  | $ | 261 |
Future minimum rental income in China and Thailand to be received from Fiscal 2024 to Fiscal 2027 on non-cancelable operating leases is contractually due as follows as of June 30, 2023:
2024 |  | $ | 141 |
2025 |  |  | 141 |
2026 |  |  | 46 |
2027 |  |  | 16 |
|  | $ | 344 |
Sales-type leases under which the Company is the lessor arise from the lease of four units of chiller systems. The Company classifies its lease arrangements at inception of the arrangement. The lease term is three years, contains an automatic transfer of title at the end of the lease term and a guarantee of residual value at the end of the lease term. The customer is required to pay for executory cost such as taxes. Financing receivables, consisting of net investment in sales-type leases and receivables from financed sales of 4 units of chiller systems are as follows:
Components of Lease Balances |  | Dec. 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (Unaudited) |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Gross financial sales receivable |  | $ | 6 |  |  | $ | 17 |
Unearned finance income |  |  | - |  |  |  | (1 | )
Financed sales receivable |  | $ | 6 |  |  | $ | 16 |
Net financed sales receivables due within one year |  | $ | 6 |  |  | $ | 16 |
Net financed sales receivables due after one year |  | $ | - |  |  | $ | - |
|  |  | 6 |  |  |  | 16 |
As of December 31, 2023, the financed sale receivables had a weighted average effective interest rate of 11.16% and weighted average remaining lease term of 0.25 years. As of June 30, 2023, the financed sale receivables had a weighted average effective interest rate of 11.16% and weighted average remaining lease term of 0.75 years. Company as Lessee The Company is the lessee under operating leases for corporate offices and research and development facilities with remaining lease terms of one year to four years and finance leases for plant and equipment. Supplemental balance sheet information related to leases was as follows (in thousands):
Components of Lease Balances |  | Dec. 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (Unaudited) |  |  |  |  |
Finance Leases (Plant and Equipment) |  |  |  |  |  |  |  |
Plant and equipment, at cost |  | $ | 1,607 |  |  | $ | 1,734 |
Accumulated depreciation |  |  | (1,072 | ) |  |  | (1,075 | )
Plant and Equipment, Net |  | $ | 535 |  |  | $ | 659 |
Current portion of finance leases |  | $ | 81 |  |  | $ | 107 |
Net of current portion of finance leases |  |  | 15 |  |  |  | 42 |
Total Finance Lease Liabilities |  | $ | 96 |  |  | $ | 149 |
Operating Leases (Corporate Offices, Research and Development Facilities) |  |  |  |  |  |  |  |
Operating lease right-of-use assets, Net |  | $ | 2,359 |  |  | $ | 2,609 |
Current portion of operating leases |  |  | 1,119 |  |  |  | 1,098 |
Net of current portion of operating leases |  |  | 1,240 |  |  |  | 1,511 |
Total Operating Lease Liabilities |  | $ | 2,359 |  |  | $ | 2,609 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | Dec. 31, |  |  | Dec. 31, |  |  | Dec. 31, |  |  | Dec. 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on finance lease |  | $ | 2 |  |  | $ | 3 |  |  | $ | 5 |  |  |  | 6 |
Amortization of right-of-use assets |  |  | 12 |  |  |  | 44 |  |  |  | 56 |  |  |  | 92 |
Total finance lease cost |  |  | 14 |  |  |  | 47 |  |  |  | 61 |  |  |  | 98 |
Operating Lease Costs |  | $ | 385 |  |  | $ | 369 |  |  | $ | 754 |  |  |  | 749 |
Other information related to leases was as follows (in thousands except lease term and discount rate):
|  | Six Months Ended |
|  | Dec. 31, |  |  | Dec. 31, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  | (Unaudited) |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 3 |  |  | $ | 6 |
Operating cash flows from operating leases |  |  | 693 |  |  |  | 594 |
Finance cash flows from finance leases |  |  | 55 |  |  |  | 67 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  |  |  |  |  |  |  |
Weighted-Average Remaining Lease Term: |  |  |  |  |  |  |  |
Finance leases |  |  | 0.80 |  |  |  | 1.59 |
Operating leases |  |  | 2.08 |  |  |  | 2.67 |
Weighted-Average Discount Rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 2.89 | % |  |  | 3.22 | %
Operating leases |  |  | 5.51 | % |  |  | 5.54 | %
As of December 31, 2023, the maturities of the Company’s operating and finance lease liabilities are as follow:
|  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |
Fiscal Year |  |  |  |  |  |  |  |
Remainder of Fiscal 2024 |  |  |  |  |  |  |  |
2025 |  |  | 712 |  |  |  | 57 |
2026 |  |  | 1,019 |  |  |  | 35 |
Thereafter |  |  | 772 |  |  |  | 12 |
Total future minimum lease payments |  | $ | 2,503 |  |  | $ | 104 |
Less: amount representing interest |  |  | (144 | ) |  |  | (8 | )
Present value of net minimum lease payments |  | $ | 2,359 |  |  | $ | 96 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  |  | 1,119 |  |  |  | 81 |
Non-Current |  |  | 1,240 |  |  |  | 15 |
As of June 30, 2023, future minimum lease payments under finance leases and noncancelable operating leases were as follows:
|  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |
Fiscal Year |  |  |  |  |  |  |  |
2024 |  |  | 1,321 |  |  |  | 112 |
2025 |  |  | 846 |  |  |  | 33 |
2026 |  |  | 570 |  |  |  | 12 |
Thereafter |  |  | 64 |  |  |  | - |
Total future minimum lease payments |  |  | 2,801 |  |  |  | 157 |
Less: amount representing interest |  |  | (192 | ) |  |  | (8 | )
Present value of net minimum lease payments |  |  | 2,609 |  |  |  | 149 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  |  | 1,098 |  |  |  | 107 |
Non-Current |  |  | 1,511 |  |  |  | 42 |

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