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Note 21 - Leases | 6 Months Ended
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Dec. 31, 2024
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 $17 and $34 for the three months ended December 31, 2024, and December 31, 2023, respectively. Future minimum rental income in China and Thailand to be received from Fiscal 2025 to the fiscal year ended June 30, 2029 (“Fiscal 2029”) on non-cancelable operating leases is contractually due as follows as of December 31, 2024:
Remainder of 2025 |  | $ | 78 |
2026 |  |  | 61 |
2027 |  |  | 32 |
2028 |  |  | 17 |
2029 |  |  | 4 |
|  | $ | 192 |
Future minimum rental income in China and Thailand to be received from Fiscal 2025 to Fiscal 2027 on non-cancelable operating leases is contractually due as follows as of June 30, 2024:
2025 |  | $ | 131 |
2026 |  |  | 44 |
2027 |  |  | 16 |
|  | $ | 191 |
Company as Lessee The Company is the lessee under operating leases for corporate offices and manufacturing and testing 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, |
|  | 2024 |  |  | 2024 |
|  | (Unaudited) |  |  |  |  |
Finance Leases (Plant and Equipment) |  |  |  |  |  |  |  |
Plant and equipment, at cost |  | $ | 1,642 |  |  | $ | 1,649 |
Accumulated depreciation |  |  | (1,110 | ) |  |  | (1,091 | )
Plant and Equipment, Net |  | $ | 532 |  |  | $ | 558 |
Current portion of finance leases |  | $ | 42 |  |  | $ | 57 |
Net of current portion of finance leases |  |  | 12 |  |  |  | 34 |
Total Finance Lease Liabilities |  | $ | 54 |  |  | $ | 91 |
Operating Leases (Corporate Offices, Manufacturing and Testing Facilities) |  |  |  |  |  |  |  |
Operating lease right-of-use assets, Net |  | $ | 1,197 |  |  | $ | 1,887 |
Current portion of operating leases |  |  | 943 |  |  |  | 1,162 |
Net of current portion of operating leases |  |  | 254 |  |  |  | 725 |
Total Operating Lease Liabilities |  | $ | 1,197 |  |  | $ | 1,887 |
As of December 31, 2024, the Company has entered into lease agreements for properties that have been signed but have not yet commenced. The leases agreements are expected to begin on January 1, 2025 and June 1, 2025 respectively. The future minimum lease payments are $9 for the remainder of Fiscal 2025, $69 for Fiscal 2026, $66 for Fiscal 2027 and $123 thereafter. Since the lease terms have yet to commence, the Company has not recognized a Right-of-Use (ROU) asset and its corresponding lease liability in the balance sheet as of December 31, 2024. The ROU asset and lease liabilities will be recognized in the financial statements when the lease term commences.
|  | Three Months Ended |  |  | Six Months Ended |
|  | Dec. 31, |  |  | Dec. 31, |  |  | Dec. 31, |  |  | Dec. 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on finance lease |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |
Amortization of right-of-use assets |  |  | 19 |  |  |  | 12 |  |  |  | 38 |  |  |  | 56 |
Total finance lease cost |  |  | 20 |  |  |  | 14 |  |  |  | 40 |  |  |  | 61 |
Operating Lease Costs |  | $ | 387 |  |  | $ | 385 |  |  | $ | 775 |  |  | $ | 754 |
Other information related to leases was as follows (in thousands except lease term and discount rate):
|  | Six Months Ended |
|  | Dec. 31, |  |  | Dec. 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  | (Unaudited) |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 3 |
Operating cash flows from operating leases |  |  | 722 |  |  |  | 693 |
Finance cash flows from finance leases |  |  | 38 |  |  |  | 55 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  |  |  |  |  |  | - |
Weighted-Average Remaining Lease Term: |  |  |  |  |  |  |  |
Finance leases |  |  | 1.25 |  |  |  | 0.80 |
Operating leases |  |  | 1.50 |  |  |  | 2.08 |
Weighted-Average Discount Rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 2.28 | % |  |  | 2.89 | %
Operating leases |  |  | 5.51 | % |  |  | 5.51 | %
As of December 31, 2024, the maturities of the Company’s operating and finance lease liabilities are as follow:
|  | Operating |  |  | Finance |
|  | Lease |  |  | Lease |
|  | Liabilities |  |  | Liabilities |
Fiscal Year |  |  |  |  |  |  |  |
Remainder of Fiscal 2025 |  |  | 670 |  |  |  | 22 |
2026 |  |  | 437 |  |  |  | 34 |
2027 |  |  | 55 |  |  |  |  |
Thereafter |  |  | 86 |  |  |  | - |
Total future minimum lease payments |  | $ | 1,248 |  |  | $ | 56 |
Less: amount representing interest |  |  | (51 | ) |  |  | (2 | )
Present value of net minimum lease payments |  | $ | 1,197 |  |  | $ | 54 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  |  | 943 |  |  |  | 42 |
Non-Current |  |  | 254 |  |  |  | 12 |
As of June 30, 2024, future minimum lease payments under finance leases and noncancelable operating leases were as follows:
|  | Operating |  |  | Finance |
|  | Lease |  |  | Lease |
|  | Liabilities |  |  | Liabilities |
Fiscal Year |  |  |  |  |  |  |  |
2025 |  | $ | 1,234 |  |  | $ | 61 |
2026 |  |  | 658 |  |  |  | 34 |
2027 |  |  | 86 |  |  |  | - |
Total future minimum lease payments |  | $ | 1,978 |  |  | $ | 95 |
Less: amount representing interest |  |  | (91 | ) |  |  | (4 | )
Present value of net minimum lease payments |  | $ | 1,887 |  |  | $ | 91 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  | $ | 1,162 |  |  | $ | 57 |
Non-Current |  |  | 725 |  |  |  | 34 |

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