v3.23.3

Operating Lease Obligations | 3 Months Ended
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Sep. 30, 2023
Operating Lease Obligations [Abstract] |
Operating Lease Obligations | 15. 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 Ground Lease Property. 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 approximately 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 was estimated to be on or around January 1, 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, 2023 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 ROU asset in the accompanying balance sheet. As the Company has already started making improvements to the facility, the rent expense will be recognized. The following tables present the components of lease expense and supplemental balance sheet information related to the operating lease obligation (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30,
​ | 2023 | ​ | 2022
Operating lease cost: | $ | 141 | ​ | $ | 141
Total lease cost | $ | 141 | ​ | $ | 141
​ |  | ​ | ​ |  |
Other information: |  |  | ​ |  |
Cash paid for amounts included in the measurement lease liability: |  |  | ​ |  |
Operating cash flows from operating lease | $ | 141 | ​ | $ | 141
Operating cash flows from operating lease obligation | $ | 155 | ​ | $ | —
​ ​ Future minimum payments under the operating lease obligation are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal year ending on September 30: |  | Principal |  | Imputed Interest |  | Total
2024 | ​ | $ | 400 | ​ | $ | 235 | ​ | $ | 635
2025 | ​ | ​ | 449 | ​ | ​ | 204 | ​ | ​ | 653
2026 |  | ​ | 504 |  | ​ | 170 |  | ​ | 674
2027 |  | ​ | 561 |  | ​ | 132 |  | ​ | 693
2028 |  | ​ | 626 |  | ​ | 89 |  | ​ | 715
Thereafter |  | ​ | 881 |  | ​ | 43 |  | ​ | 924
​ |  | ​ |  |  | ​ |  |  | ​ |
Total minimum lease payments |  | ​ | 3,421 | ​ | $ | 873 | ​ | $ | 4,294
Less: current portion |  | ​ | (400) | ​ |  |  | ​ |  |
Long-term portion of minimum lease obligation | ​ | $ | 3,021 | ​ |  |  | ​ |  |
​

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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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