(9)
LEASES
The
Company has operating leases for office and laboratory space, which expire on December 31, 2027, and October 31, 2026, respectively.
The
components of operating lease cost are as follows:
SCHEDULE OF COMPONENTS OF OPERATING LEASE COST
| Operating lease cost | |
Year
ended
June 30, 2026 | | |
Year
ended
June 30, 2025 | |
| Operating lease cost | |
$ | 145,998 | | |
$ | 264,426 | |
| Variable lease cost | |
| 52,872 | | |
| 114,403 | |
| Total operating lease cost | |
$ | 198,870 | | |
$ | 378,829 | |
The
components of finance lease cost are as follows:
SCHEDULE OF COMPONENTS OF FINANCING LEASE COST
| Finance lease cost | |
Year
ended
June 30, 2026 | | |
Year
ended
June 30, 2025 | |
| Right-of-use asset amortization | |
$ | - | | |
$ | 45,973 | |
| Interest expense | |
| - | | |
| 610 | |
| Total finance lease cost | |
$ | - | | |
$ | 46,583 | |
PALATIN
TECHNOLOGIES, INC.
and
Subsidiary
Notes
to Consolidated Financial Statements
Supplemental
lease term and discount rate information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL LEASE TERM AND DISCOUNT RATE
| | |
June 30, 2026 | | |
June 30, 2025 | |
| Weighted-average remaining lease term (years) operating leases | |
| 1.3 | | |
| 1.2 | |
| Weighted-average discount rate operating leases | |
| 5.50 | % | |
| 5.50 | % |
Supplemental
cash flow information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION
| | |
Year ended
June 30, 2026 | | |
Year ended
June 30, 2025 | |
| Cash paid for the amounts included in the measurement of lease liabilities: | |
| | | |
| | |
| Operating cash flows for operating leases | |
$ | 199,650 | | |
$ | 397,616 | |
| Operating cash flows for finance leases | |
| - | | |
| 610 | |
| Financing cash flows for finance leases | |
| - | | |
| 46,014 | |
| Total
measurement of lease liabilities | |
$ | 199,650 | | |
$ | 444,240 | |
| | |
| | | |
| | |
| Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | |
| | | |
| | |
| Right-of-use assets obtained in exchange for new operating lease obligation | |
$ | 248,718 | | |
$ | - | |
The
following table summarizes the maturity of the Company’s lease liabilities as of June 30, 2026:
SCHEDULE OF MATURITY OF LEASE LIABILITIES
| Operating leases: | |
| | |
| Year Ending June 30 | |
| | |
| 2027 | |
| 164,938 | |
| 2028 | |
| 66,166 | |
| Less imputed interest | |
| (7,425 | ) |
| Total | |
$ | 223,679 | |
|