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Leases | 6 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | (3) Leases On April 27, 2021, Astrotech entered into a new lease for a research and development facility of approximately 5,960 square feet in Austin, Texas that includes a laboratory, a small production shop, and offices for staff, although many of the Company’s employees continue to work remotely. The lease commenced on June 1, 2021 and has a lease term of 36 months. On August 3, 2020, the Company terminated its office lease of 5,219 square feet in Austin, Texas that housed executive management, finance and accounting, sales, and marketing and communications. The lease began in November 2016 and was originally set to expire in December 2023. Upon lease termination, the Company recognized a decrease in the related operating right-of-use (“ROU”) asset and operating lease liability of approximately $539 thousand and $506 thousand, respectively. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. Significant judgement is required when determining the Company’s incremental borrowing rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The balance sheet presentation of the Company’s operating and finance leases is as follows:
(In thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | December 31, 2021 |
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating leases, right-of-use assets, net |  | $ | 206 |
Financing lease assets |  | Property and equipment, net |  |  | 516 |
Total lease assets |  |  |  | $ | 722 |
Liabilities: |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating lease obligations |  | Lease liabilities, current |  | $ | 92 |
Financing lease obligations |  | Lease liabilities, current |  |  | 135 |
Non-current: |  |  |  |  |  |
Operating lease obligations |  | Lease liabilities, non-current |  |  | 138 |
Financing lease obligations |  | Lease liabilities, non-current |  |  | 283 |
Total lease liabilities |  |  |  | $ | 648 |
Future minimum lease payments under non-cancellable leases are as follows:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
For the Year Ended June 30, |  | Operating Leases |  |  | Financing Leases |  |  | Total |
2022 |  | $ | 52 |  |  | $ | 77 |  |  | $ | 129 |
2023 |  |  | 103 |  |  |  | 154 |  |  |  | 257 |
2024 |  |  | 93 |  |  |  | 154 |  |  |  | 247 |
2025 |  |  | — |  |  |  | 67 |  |  |  | 67 |
2026 |  |  | — |  |  |  | — |  |  |  | — |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total lease obligations |  |  | 248 |  |  |  | 452 |  |  |  | 700 |
Less: imputed interest |  |  | 18 |  |  |  | 34 |  |  |  | 52 |
Present value of net minimum lease obligations |  |  | 230 |  |  |  | 418 |  |  |  | 648 |
Less: lease liabilities - current |  |  | 92 |  |  |  | 135 |  |  |  | 227 |
Lease liabilities - non-current |  | $ | 138 |  |  | $ | 283 |  |  | $ | 421 |
Other information as of December 31, 2021 is as follows:
Weighted-average remaining lease term (years): |  |  |  |
Operating leases |  |  |  |  | 2.4 |
Financing leases |  |  |  |  | 3.0 |
Weighted-average discount rate: |  |  |  |
Operating leases |  |  |  |  | 6.4 | %
Financing leases |  |  |  |  | 5.3 | %
Cash payments for operating leases for the three months ended December 31, 2021 and 2020 totaled $25 thousand and $53 thousand, respectively. Cash payments for operating leases for the six months ended December 31, 2021 and 2020 totaled $35 thousand and $123 thousand, respectively. Cash payments for financing leases for the three months ended December 31, 2021 and 2020 totaled $15 thousand and $3 thousand, respectively. Cash payments for financing leases for the six months ended December 31, 2021 and 2020 totaled $18 thousand and $6 thousand, respectively.

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