LEASES

12 Months Ended

Jun. 30, 2024

Leases

LEASES

8. LEASES

Our operating lease ROU asset and long-term liability are presented separately on our consolidated balance sheet. The current portion of our operating lease liability, exclusive of imputed interest, as of June 30, 2024, in the amount of $455,000, is presented within accrued expenses on the consolidated balance sheet. As of June 30, 2024, the maturity of our lease liability is as follows:

	Operating Lease
Fiscal Year:
2025	$	535
2026		551
2027		567
2028		143
Total lease payments		1,796
Less imputed interest:		(158	)
Total	$	1,638

As of June 30, 2024 and 2023, our operating lease has a remaining lease term of 3.25 years and 4.25 years, respectively, and an imputed interest rate of 5.3%. Our lease agreement does not provide an implicit rate and, as a result, we used our estimated incremental borrowing rate at the time we adopted ASC 842 to determine the present value of future lease payments. Cash paid for amounts included in the lease liability for the fiscal years ended June 30, 2024 and 2023 was $519,000 and $504,000, respectively.