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Operating Lease Obligations

9 Months Ended

Mar. 31, 2026

Operating Lease Obligations

Operating Lease Obligations

14.   Operating Lease Obligations

​

San Diego

On September 10, 2021, the Company entered into the San Diego Lease.  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 was $51,223 and increases approximately 3% per year.

● The lease provided for a base rent abatement for months two through five in the first year of the lease.

● The landlord provided 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, 2026 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 condensed consolidated balance sheets. Rent expense for the San Diego facility commenced in fiscal year 2022, when the Company began making improvements to the San Diego facility.

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		​	​	Three Months Ended
​	March 31, 2026		​	​	March 31, 2025
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	$	168	​	​	$	163
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	Nine Months Ended		​	​	Nine Months Ended
​	March 31, 2026		​	​	March 31, 2025
Operating lease cost:	$	422	​	​	$	422
Total lease cost	$	422	​	​	$	422
​		​	​	​		​
Other information:		​	​	​		​
Cash paid for amounts included in the measurement lease liability:		​	​	​		​
Operating cash flows from operating lease	$	422	​	​	$	422
Operating cash flows from operating lease obligation	$	501	​	​	$	486

​

​

Future minimum payments under the operating lease obligation are as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
Fiscal period ending on March 31:	​ ​ ​	Principal		​ ​ ​	Imputed Interest		​ ​ ​	Total
2027	​	$	532	​	$	151	​	$	683
2028	​	​	593	​	​	111	​	​	704
2029		​	659		​	66		​	725
2030		​	541		​	17		​	558
Total minimum lease payments		​	2,325	​	$	345	​	$	2,670
Less: current portion		​	(532)	​		​	​		​
Long-term portion of minimum lease obligation	​	$	1,793	​		​	​		​

​

X

- 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

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X

- References

No definition available.

+ Details

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