Note 7. Leases

We have entered into various non-cancellable operating lease agreements for certain of our offices, technology, and equipment. We determine if an arrangement is a lease, or contains a lease, at inception, and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. As of September 30, 2026, no option to extend the lease was recognized as right-of-use (“ROU”) assets and lease liabilities. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our ROU assets and corresponding liabilities. We have elected not to present short-term leases in the Condensed Consolidated Balance Sheets as these leases have a lease term of 12 months or less at lease inception.

Operating lease right-of-use assets are presented as Right-of-use asset, net in the Condensed Consolidated Balance Sheets. Operating lease liabilities are presented in the Condensed Consolidated Balance Sheets as Current portion of operating lease payable for the current portion and Operating lease payable, net of current portion for the non-current portion.

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized in the Condensed Consolidated Balance Sheets as of September 30, 2026:

The Company’s weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, 2026 and June 30, 2026 are:

For the three months ended September 30, 2026 and 2025, the components of lease expense, included in General and administrative and Interest expense, net in the Condensed Consolidated Statements of Operations, are as follows: