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9. LEASES | 12 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
9. LEASES | 9. LEASES On October 1, 2019, the Company adopted the amendments to ASC 842, Leases, which requires lessees to recognize lease assets and liabilities arising from operating leases on the balance sheet. The Company adopted the new lease guidance using the modified retrospective approach and elected the transition option issued under ASU 2018-11, Leases (Topic 842) Targeted Improvements, allowing entities to continue to apply the legacy guidance in ASC 840, Leases, to prior periods, including disclosure requirements. The Company’s operating leases are office spaces and finance leases primarily in relation to the equipment used at its data center. The Company's lease costs recognized in the Consolidated Statements of Income and Comprehensive Loss consist of the following:
|  | 2021 |  | 2020
Operating lease cost (1) |  | $ | 340,440 |  |  | $ | 117,223
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 303,292 |  |  |  | —
Interest on lease obligations |  | $ | 42,992 |  |  | $ | —
(1) Included in general and administrative expenses Other lease information is as follows:
|  | Fiscal Years Ended September 30,
|  | 2021 |  | 2020
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 319,061 |  |  | $ | 43,986
Financing cash flows from finance leases |  |  | 288,602 |  |  |  | —
Operating cash flows from finance leases is $42,992 for the year ended September 30, 2021.
|  | 2021 |  | 2020
Weighted-average remaining lease term -operating leases |  | 5 years |  | 0.4 years
Weighted-average remaining lease term - finance leases |  | 3.2 years |  | —
Weighted-average discount rate - operating leases |  | 4.5% |  | 10%
Weighted-average discount rate - finance leases |  | 5.5% |  | —
The following is a schedule of the Company's lease liabilities by contractual maturity as of September 30, 2021:
Fiscal Year |  | Operating Leases |  | Finance Leases
2022 |  |  | $ | 316,908 |  |  | $ | 449,431
2023 |  |  |  | 324,948 |  |  |  | 321,887
2024 |  |  |  | 333,234 |  |  |  | 142,428
2025 |  |  |  | 341,767 |  |  |  | 12,320
2026 |  |  |  | 299,039 |  |  |  | 1,853
Thereafter |  |  |  | 50,659 |  |  |  | —
Total undiscounted lease obligations |  |  |  | 1,666,555 |  |  |  | 927,919
Less imputed interest |  |  |  | (175,035 | ) |  |  | (55,813)
Total presnet value of lease liabilities |  |  | $ | 1,491,520 |  |  | $ | 872,106
Less: Current portion of lease obligations |  |  | $ | 256,195 |  |  | $ | 413,798
Total lease obligations, net of current portion |  |  | $ | 1,235,325 |  |  | $ | 458,308

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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