All of the Company’s leases are operating leases. Certain of the leases have both lease and non-lease components. The Company has elected to account for the lease component and the non-lease components as a single combined lease component for all classes of underlying assets. The following table provides additional details of the leases presented in the balance sheets:


(in thousands)	June 30, 2022			June 30, 2021
Facilities
Right of use assets	$	3,400		$	5,121

Current portion of lease liabilities		1,475			1,864
Lease liabilities, net of current portion		2,137			3,532
Total liabilities	$	3,612		$	5,396

Weighted-average remaining life	3.1 years			3.3 years
Weighted-average discount rate		10.8	%		11.0	%

Vehicles
Right of use assets	$	315		$	87

Current portion of lease liabilities		77			29
Lease liabilities, net of current portion		238			58
Total liabilities	$	315		$	87

Weighted-average remaining life	4.2 years			3.9 years
Weighted-average discount rate		6.3	%		9.8	%

Equipment
Right of use assets	$	7		$	33

Current portion of lease liabilities		7			27
Lease liabilities, net of current portion		-			6
Total liabilities	$	7		$	33

Weighted-average remaining life	0.8 years			1.0 years
Weighted-average discount rate		12.5	%		12.5	%

As of June 30, 2022, the Company had total right of use assets of $3.7 million and lease liabilities of $3.9 million (consisting of $1.5 million in current portion of lease liabilities and $2.4 million in lease liabilities, net of current portion) on the consolidated balance sheet related to the leases discussed herein. As of June 30, 2021, the Company had total right of use assets of $5.2 million and lease liabilities of $5.5 million (consisting of $1.9 million in current portion of lease liabilities and $3.6 million in lease liabilities, net of current portion) on the consolidated balance sheet related to the leases discussed herein. The discount rate for each lease is based on the collateralized borrowing rate at the inception of the lease.

Operating lease costs are included in the operating expense associated with the business segment leasing the asset on the statements of operations and are included in cash flows from operating activities on the statements of cash flows. Certain operating leases include variable lease costs which are not material and are included in operating lease costs. Additional details are presented in the following table:


	For the years ended June 30,
(in thousands)	2022		2021
Facilities
Operating lease cost	$	2,266	$	2,469
Cash paid for operating leases		1,795		1,973

Vehicles
Operating lease cost	$	67	$	50
Cash paid for operating leases		67		50

Equipment
Operating lease cost	$	28	$	61
Cash paid for operating leases		28		61

The following table summarizes the Company’s undiscounted cash payment obligations for its operating leases:


(in thousands)
For the year ending June 30, 2023		1,887
For the year ending June 30, 2024		1,646
For the year ending June 30, 2025		691
For the year ending June 30, 2026		622
For the year ending June 30, 2027		143
Thereafter		19
Total lease payments	$	5,008
Imputed interest		(1,074	)
Total lease liabilities	$	3,934

The facility leases include offices, retail and warehouse space and sleep labs. The facility leases have original or amended terms ranging from 12 to 96 months, some of which include an additional option to extend the lease for up to 120 months. Certain of these leases have variable rental payments tied to a consumer price index or include additional rental payments for maintenance costs, taxes and insurance, which are accounted for as variable rent.

The vehicles leases have original lease terms of 60 months from the commencement date of each lease with no option to extend. Each lease may be terminated by the lessee with 30-days’ notice after the first 13 months of the lease subject to certain early termination costs, including residual value guarantees. The lease costs include variable payments for taxes and other fees.

Equipment leases consist of office equipment with original lease terms ranging from 36 to 48 months from the commencement date of each lease and may include an option to extend or purchase at the end of the lease term. Certain of these leases include additional rental costs for taxes, insurance and additional fees in addition to the base rental costs.

A lease for office space located in Charleston, South Carolina was assumed as part of the acquisition of the Monomoy REIT investment management agreement in May 2022. The non-cancellable lease term expires October 1, 2024, and lease payments are approximately $3 thousand per month.

The Company entered into a lease for office space located in Waltham, MA. This office space is allocated between the investment management and general corporate segments. On the commencement date of the lease, the non-cancellable term was for eighty-eight months from the occupancy date of June 1, 2017 and contains an option to extend for an additional sixty-month period.

The lease payments commenced on October 1, 2017, four months after the Company began to occupy the space. On an annual basis, the lease payments increase at an average rate of approximately 2.4% from $28 to $32 thousand per month.