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8. LEASES | 9 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | 8. 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 for land and office space and finance leases which are primarily related to equipment used at its data center. In connection with the Mawson Transaction (see Note 3), the Company assumed a land lease in Sandersville, GA, (see Note 7) with the original term expiring in July 2023, but including eight separate three-year lease extension options. The operating lease liability recorded in connection with the acquisition assumes a full lease term of approximately 25 years with a discount rate of 6%. The assumed land lease included approximately $75 in quarterly lease payments with a 4% increase in scheduled lease payments effective each successive lease option is exercised. In connection with the acquisition of the Sandersville Land (see Note 7), the Company reassessed the operating lease on May 1, 2023 as a finance lease. Such new finance lease was for a period between May 1, 2023 and June 30, 2023. On June 30, 2023, the agreement was finalized and the purchase price was paid, accordingly, there is no lease obligation outstanding for the Sandersville Land. The Company's lease costs recognized during the nine months ended June 30, 2023 and 2022 in the unaudited Consolidated Statements of Operations and Comprehensive Loss consist of the following:
|  | For the three months ended |  |  | For the nine months ended |
($ in thousands) |  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2023 |  |  | June 30, 2022 |
Operating lease cost (1) |  | $ | 62 |  |  | $ | 194 |  |  | $ | 221 |  |  | $ | 250 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense of financed assets |  | $ | 37 |  |  | $ | 94 |  |  | $ | 156 |  |  | $ | 284 |
Interest on lease obligations |  | $ | 20 |  |  | $ | 9 |  |  | $ | 30 |  |  | $ | 30 |
(1) Included in general and administrative expenses Other lease information is as follows:
|  | For the nine months ended |
($ in thousands) |  | June 30, 2023 |  |  | June 30, 2022 |
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 240 |  |  | $ | 237 |
Operating cash outflows from finance leases |  | $ | 30 |  |  | $ | 237 |
Financing cash outflows from finance leases |  | $ | 249 |  |  | $ | 448 |
|  | June 30, 2023 |  |  | September 30, 2022 |
Weighted-average remaining lease term - operating leases |  | 4.0 years |  |  | 3.2 years |
Weighted-average remaining lease term - finance leases |  | 2.1 years |  |  | 1.5 years |
Weighted-average discount rate - operating leases |  |  | 5.40 | % |  |  | 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, 2023:
($ in thousands) Fiscal Year |  | Operating Leases |  |  | Finance Leases |
Remainder of Fiscal 2023 |  | $ | 67 |  |  | $ | 54 |
2024 |  |  | 214 |  |  |  | 134 |
2025 |  |  | 201 |  |  |  | 9 |
2026 |  |  | 204 |  |  |  | — |
2027 |  |  | 106 |  |  |  | — |
Thereafter |  |  | 32 |  |  |  | — |
Gross lease liabilities |  |  | 824 |  |  |  | 197 |
Less: imputed interest |  |  | (72 | ) |  |  | (6 | )
Present value of lease liabilities |  | $ | 752 |  |  | $ | 191 |
Less: Current portion of lease liabilities |  |  | (194 | ) |  |  | (168 | )
Total lease liabilities, net of current portion |  | $ | 558 |  |  | $ | 23 |

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- References No definition available. + Details
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