12. Leases

12 Months Ended

Jun. 30, 2022

12. Leases

Leases

12. Leases

The Company leases certain properties consisting principally of a facility in Bohemia, New York (headquarters) which was amended in September 2021 to increase the space by approximately 25% and extend the lease term through October 2028.The Company also has a facility in Pittsburgh, Pennsylvania for its Bioprocessing Systems Operations through May 2023, and a facility for sales and administration in Orangeburg, New York which was amended in June 2022 to extend the lease term to November 2024. There are no renewal options with any of the leases, no residual values or significant restrictions or covenants other than those customary in such arrangements, and no non-cash activities, and any rent escalations incorporated within the leases are included in the calculation of the future minimum lease payments, as further described below. All of the Company’s leases are deemed operating leases.

As of June 30, 2022, the weighted-average remaining lease term for operating lease liabilities was approximately 5.92 years and the weighted-average discount rate was 5.0%. Total cash payments under these leases were $344,500 for the year ended June 30, 2022, of which $333,900 was recorded as leases expense.

The Company’s approximate future minimum rental payments under all operating leases as of June 30, 2022 are as follows:

Year ended June 30,	Amount
2023	$	356,400
2024		288,700
2025		264,300
2026		262,700
2027		270,600
Thereafter		338,900
Total future minimum payments	$	1,781,600
Less: Imputed interest		(242,700	)
Total Present Value of Operating Lease Liabilities	$	1,538,900