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7. LEASES | 3 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASES | 7. 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 during the three months ended December 31, 2021 and 2020 in the Consolidated Statements of Operations and Comprehensive Income (Loss) consist of the following:
|  | December 31, 2021 |  |  | December 31, 2020 |
Operating lease cost (1) |  | $ | 83,237 |  |  |  | 117,223 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 94,815 |  |  |  | 21,748 |
Interest on lease obligations |  | $ | 11,387 |  |  |  | 3,578 |
(1) Included in general and administrative expenses Other lease information is as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 94,262 |  |  | $ | — |
Financing cash flows from finance leases |  | $ | 103,032 |  |  | $ | 23,665 |
|  | December 31, 2021 |  |  | September 30, 2021 |
Weighted-average remaining lease term - operating leases |  | 4.79 years |  |  | 5 years |
Weighted-average remaining lease term - finance leases |  | 2.03 years |  |  | 3.2 years |
Weighted-average discount rate - operating leases |  |  | 4.50 | % |  |  | 4.50 | %
Weighted-average discount rate - finance leases |  |  | 5.50 | % |  |  | 5.50 | %
The following is a schedule of the Company's lease liabilities by contractual maturity as of December 31, 2021:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2022 |  | $ | 238,019 |  |  | $ | 358,855 |
2023 |  |  | 324,948 |  |  |  | 321,887 |
2024 |  |  | 333,234 |  |  |  | 142,428 |
2025 |  |  | 341,767 |  |  |  | 12,320 |
2026 |  |  | 299,039 |  |  |  | 1,853 |
Thereafter |  |  | 50,659 |  |  |  | - |
Gross lease liabilities |  |  | 1,587,666 |  |  |  | 837,343 |
Less: imputed interest |  |  | (158,786 | ) |  |  | (51,052 | )
Present value of lease liabilities |  | $ | 1,428,880 |  |  | $ | 786,291 |
Less: Current portion of lease liabilities |  |  | (261,101 | ) |  |  | (366,728 | )
Total lease liabilities, net of current portion |  | $ | 1,167,779 |  |  | $ | 419,563 |

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- Definition Lessee operating and finance leases. + References No definition available. + Details
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- References No definition available. + Details
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