v3.23.3

Operating Lease Obligations | 12 Months Ended
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Jun. 30, 2023
Operating Lease, Liability [Abstract] |
Operating Lease Obligations | 16. Operating Lease Obligations Texas Ground Lease As discussed above, as part of the Transaction, iBio CDMO became the tenant under the Ground Lease Agreement for the Ground Lease Property until 2060 upon exercise of available extensions. The base rent payable under the Ground Lease Agreement, which was $151,450 for the prior year, is 6.5% of the Fair Market Value (as defined in the Ground Lease Agreement) of the land. The Ground Lease Agreement includes various covenants, indemnities, defaults, termination rights, and other provisions customary for lease transactions of this nature. San Diego On September 10, 2021, the Company entered into a lease for 11,383 square feet of space in San Diego, California. Terms of the lease include the following:
| ● | The length of term of the lease is 88 months from the lease commencement date (as defined).
| ● | The lease commencement date is September 16, 2022.
| ● | The monthly rent for the first year of the lease is $51,223 and increases approximately 3% per year.
| ● | The lease provides for a base rent abatement for months two through five in the first year of the lease.
| ● | The landlord is providing a tenant improvement allowance of $81,860 to be used for improvements as specified in the lease.
| ● | The Company is responsible for other expenses such as electric, janitorial, etc.
| ● | The Company opened an irrevocable letter of credit in the amount of $188,844 in favor of the landlord. The letter of credit expires on October 8, 2022 and renews annually as required.
​ As discussed above, the lease provides for scheduled increases in base rent and scheduled rent abatements. Rent expense is charged to operations using the straight-line method over the term of the lease which results in rent expense being charged to operations at inception of the lease in excess of required lease payments. This excess (formerly classified as deferred rent) is shown as a reduction of the operating lease right-of-use asset in the accompanying balance sheet. Rent expense for the San Diego facility commenced in Fiscal 2022, when the Company began making improvements to the facility. The following tables present the components of lease expense and supplemental balance sheet information related to the operating lease obligation (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | Years Ended June 30,
​ | 2023 | ​ | 2022
Operating lease cost: | $ | 563 | ​ | $ | —
Total lease cost | $ | 563 | ​ | $ | —
​ |  | ​ | ​ |  |
Other information: |  |  | ​ |  |
Cash paid for amounts included in the measurement lease liability: |  |  | ​ |  |
Operating cash flows from operating lease | $ | 563 | ​ | $ | —
Operating cash flows from operating lease obligation | $ | 307 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​
​ | June 30, | ​ | ​
​ | 2023 | ​ | ​
Operating lease ROU assets | $ | 2,722 | ​ | ​ | ​
Operating lease obligations - current portion | $ | 389 | ​ | ​ | ​
Operating lease obligations - noncurrent portion | $ | 3,125 | ​ | ​ | ​
Weighted average remaining lease term - operating leases |  | 6.50 | years | ​ | ​
Weighted average discount rate - operating lease obligations |  | 7.25 | % | ​ | ​
​ Future minimum payments under the operating lease obligation are due as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal year ending on June 30: |  | Principal |  | Imputed Interest |  | Total
2024 | ​ | $ | 389 | ​ | $ | 242 | ​ | $ | 631
2025 | ​ | ​ | 436 | ​ | ​ | 212 | ​ | ​ | 648
2026 |  | ​ | 490 |  | ​ | 179 |  | ​ | 669
2027 |  | ​ | 546 |  | ​ | 142 |  | ​ | 688
2028 |  | ​ | 610 |  | ​ | 100 |  | ​ | 710
Thereafter |  | ​ | 1,043 |  | ​ | 61 |  | ​ | 1,104
​ |  | ​ |  |  | ​ |  |  | ​ |
Total minimum lease payments |  | ​ | 3,514 | ​ | $ | 936 | ​ | $ | 4,450
Less: current portion |  | ​ | (389) | ​ |  |  | ​ |  |
Long-term portion of minimum lease obligation | ​ | $ | 3,125 | ​ |  |  | ​ |  |
​

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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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