Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES

v3.22.1
OPERATING LEASES
9 Months Ended
Mar. 31, 2022
OPERATING LEASES  
OPERATING LEASES

NOTE 3 — OPERATING LEASES

The carrying value of right-of-use  assets and operating lease liabilities are as follows (in thousands):

    

March 31, 

    

June 30, 

    

2022

    

2021

Right-of-use assets, net

$

175

$

396

Operating lease liabilities:

 

  

 

  

Current

$

107

$

265

Long-term

 

107

 

187

Total

$

214

$

452

For the three and nine months ended March 31, 2022 and 2021, operating lease expense was as follows (in thousands):

    

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2022

    

2021

2022

    

2021

Research and development

$

66

$

75

$

216

$

185

General and administrative

 

32

 

28

 

75

 

83

Total

$

98

$

103

$

291

$

268

As of March 31, 2022, the weighted average remaining lease term under operating leases was 1.9 years, and the weighted average discount rate for operating lease liabilities was 6.0%. Future payments under all operating lease agreements as of March 31, 2022 are as follows (in thousands):

Fiscal year ending June 30, 

    

  

Remainder of fiscal year 2022

$

29

2023

117

2024

79

Total lease payments

225

Less imputed interest

 

(11)

Present value of operating lease liabilities

$

214

As discussed in Note 13, the Company entered into a new lease agreement in April 2022 that provides for total cash payments of approximately $2.9 million over the 60-month lease term. These payments are excluded from the table set forth above.