Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.24.0.1
Leases
 6 Months Ended
Dec. 31, 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 six months ended December 31, 2023:
 
 
 
 
 
 
(US$’000)    Operating
lease right-
of-
use assets		  
Balance at July 1, 2023
    $ 526  
Amortization of right of use asset
      (126 ) 
    
 
 
  
Operating lease right-of-use asset at December 31, 2023
    $ 400  
    
 
 
  
 
 
 
 
 
 
(US$’000)    Operating
lease
liabilities		  
Balance at July 1, 2023
    $ 559  
Principal payments on operating lease liabilities
      (136 ) 
    
 
 
  
Operating lease liabilities at December 31, 2023
      423  
Less: non-current portion
      (137 ) 
    
 
 
  
Current portion at December 31, 2023
    $ 286  
    
 
 
  
As of December 31, 2023, the Company’s operating lease has a remaining lease term of 1.45 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows:
 
 
 
 
 
 
(US$’000)    December 31,
2023		  
2024
    $ 147  
2025
      291  
    
 
 
  
Total operating lease payments
      438  
Less imputed interest
      (15 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 423  
    
 
 
  
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 and six months ended December 31, 2023, respectively, $0.1 million for the same periods in 2022.