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7. LEASES | 9 Months Ended
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Jun. 30, 2022
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 has operating leases which are office spaces and finance leases which are primarily related to equipment used at its data center. The Company's lease costs recognized during the three and nine months ended June 30, 2022 and 2021 in the unaudited Consolidated Statements of Operations and Comprehensive Loss consist of the following:
|  | For the three months ended |  |  | For the nine months ended |
|  | June 30, 2022 |  |  | June 30, 2021 |  |  | June 30, 2022 |  |  | June 30, 2021 |
Operating lease cost (1) |  | $ | 83,236 |  |  | $ | 58,446 |  |  | $ | 249,711 |  |  | $ | 247,452 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 94,815 |  |  | $ | 94,815 |  |  | $ | 284,445 |  |  | $ | 207,544 |
Interest on lease obligations |  | $ | 8,837 |  |  | $ | 13,868 |  |  | $ | 30,349 |  |  | $ | 32,091 |
(1) Included in general and administrative expenses Other lease information is as follows:
|  | For the nine months ended |
|  | June 30, 2022 |  |  | June 30, 2021 |
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 236,670 |  |  | $ | 287,336 |
Financing cash flows from finance leases |  | $ | 448,291 |  |  | $ | 181,475 |
|  | June 30, 2022 |  |  | September 30, 2021 |
Weighted-average remaining lease term - operating leases |  | 4.3 years |  |  | 5 years |
Weighted-average remaining lease term - finance leases |  | 1.53 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 June 30, 2022:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2022 (three months remaining) |  | $ | 80,235 |  |  | $ | 32,806 |
2023 |  |  | 324,949 |  |  |  | 321,887 |
2024 |  |  | 333,234 |  |  |  | 179,572 |
2025 |  |  | 341,767 |  |  |  | 21,728 |
2026 |  |  | 299,039 |  |  |  | - |
Thereafter |  |  | 50,659 |  |  |  | - |
Gross lease liabilities |  |  | 1,429,883 |  |  |  | 555,993 |
Less: imputed interest |  |  | (128,415 | ) |  |  | (32,065 | )
Present value of lease liabilities |  | $ | 1,301,468 |  |  | $ | 523,928 |
Less: Current portion of lease liabilities |  |  | (323,951 | ) |  |  | (274,222 | )
Total lease liabilities, net of current portion |  | $ | 977,517 |  |  | $ | 249,706 |

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