Leases

12 Months Ended

Jun. 30, 2024

Leases

Leases

12. Leases

The Company occupies office facilities under lease agreements that expire at various dates, many of which do not exceed one year in length. Total operating lease costs and cash paid for the fiscal years ended June 30, 2024 and 2023 were approximately $0.1 million each. The Company does not have any finance leases as of June 30, 2024 and 2023. Most operating leases contain renewal options that provide for rent increases based on prevailing market conditions. The terms used to calculate the ROU assets for certain properties include the renewal options that the Company is reasonably certain to exercise. The Company’s lease agreements do not contain significant residual value guarantees, restrictions, or covenants.

As of June 30, 2024 and 2023, current lease liabilities of $0.1 million and $0.2 million are included in “Accounts payable and accrued liabilities” on the consolidated balance sheets. The table below presents total operating lease ROU assets and lease liabilities:

	June 30, 2024		June 30, 2023
Operating lease right-of-use asset	$	42,103	$	143,154
Operating lease liabilities	$	54,304	$	175,788

The table below presents the maturities of operating lease liabilities as of June 30, 2024:

Fiscal year ended June 30, 2025	$	55,395
Total lease payments		55,395
Less: discount		(1,091	)
Total operating lease liabilities	$	54,304
Operating lease liabilities, current	$	54,304
Operating lease liabilities, non-current	$	-

The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use asset as of June 30, 2024 and 2023.

	2024			2023
Weighted average lease term (years)		0.33			1.33
Weighted average discount rate		8.00	%		8.00	%