Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.3
Leases
 3 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases
8. Leases
The Company has entered into an operating lease for office space under an agreement that expires in 2025. The lease requires the Company to pay utilities, insurance, taxes and other operating expenses. The Company’s lease does not contain any residual value guarantees or material restrictive covenants.
The tables below show the changes during the three months ended September 30, 2023:
 
(US$’000)    Operating
lease right-
of-
use assets		  
Balance at July 1, 2023
    $ 526  
Amortization of right of use asset
      (63 ) 
    
 
 
  
Operating lease right-of-use asset at September 30, 2023
    $ 463  
    
 
 
  
 
(US$’000)    Operating
lease
liabilities		  
Balance at July 1, 2023
    $ 559  
Principal payments on operating lease liabilities
      (68 ) 
 
 
 
 
 
Operating lease liabilities at September 30, 2023
      491  
Less: non-current portion
      (211 ) 
    
 
 
  
Current portion at September 30, 2023
    $ 280  
    
 
 
  
As of September 30, 2023, the Company’s operating lease has a remaining lease term of 1.71 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows:
 
(US$’000)    September 30,
2023		  
2024
    $ 221  
2025
      291  
    
 
 
  
Total operating lease payments
      512  
Less imputed interest
      (21 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 491  
    
 
 
  
The Company recorded lease liabilities and right-of-use lease assets for the lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate. Rent expense was $0.1 million and $0.1 million for the three months ended September 30, 2023 and September 30, 2022, respectively.