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13. Finance Lease Obligations
Equipment
As discussed above, the Company assumed three equipment leases that were accounted for as finance leases totaling approximately $814,000 as part of the RubrYc Asset Purchase Agreement. The monthly rental for the three leases is approximately $27,000 per month and all three expire on August 1, 2025.
The following tables present the components of lease expense and supplemental balance sheet information related to the finance lease obligation (in thousands).
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
Finance lease cost: |
|
|
|
|
|
|
Amortization of ROU assets |
|
$ |
68 |
|
$ |
68 |
Interest on lease liabilities |
|
|
8 |
|
|
14 |
Total lease cost |
|
$ |
76 |
|
$ |
82 |
|
|
|
|
|
|
|
Other information: |
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|
|
|
|
|
Cash paid for amounts included in the measurement lease liabilities: |
|
|
|
|
|
|
Financing cash flows from finance lease obligations |
|
$ |
72 |
|
$ |
66 |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
2024 |
|
2024 |
Finance lease ROU assets |
|
$ |
271 |
|
|
$ |
339 |
|
Finance lease obligation - current portion |
|
$ |
279 |
|
|
$ |
299 |
|
Finance lease obligation - noncurrent portion |
|
$ |
— |
|
|
$ |
53 |
|
Weighted-average remaining lease term - finance lease |
|
|
0.92 |
years |
|
|
1.17 |
years |
Weighted-average discount rate - finance lease obligation |
|
|
9.50 |
% |
|
|
9.50 |
% |
Future minimum payments under the finance lease obligation are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Fiscal year ending on September 30: |
|
Principal |
|
Interest |
|
Total |
2025 |
|
$ |
279 |
|
$ |
14 |
|
$ |
293 |
|
|
|
|
|
|
|
|
|
|
Total minimum lease payments |
|
|
279 |
|
$ |
14 |
|
$ |
293 |
Less: current portion |
|
|
(279) |
|
|
|
|
|
|
Long-term portion of minimum lease obligations |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|