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11. LEASES | 12 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | 11. LEASES As of September 30, 2024, the Company had operating leases primarily for the land leases of its mining facilities in Georgia and Tennessee and finance leases primarily related to equipment used at its data center. The mining facilities comprise the Company’s material underlying asset class under operating lease agreements. The Company has no material finance leases. In September 2024, the Company assumed two land leases and three short-term leases in connection with the acquisition of the locations in Tennessee. The lease terms of the land leases range from 1.8 to 12 years. As a result of the acquisition, the Company recognized operating lease liabilities of $344, and based upon acquisition cost allocation, recorded right of use assets, net unfavorable terms of $47. The short term leases are expiring in October 2024. As such, the lease payments are recognized on a straight-line basis on the consolidated statements of operations and comprehensive loss. In June 2024, the Company assumed four land leases in connection with the acquisition of the LN Energy locations in Georgia. The lease terms of the LN Energy land leases range from 2.6 to 14.7 years. As a result of the acquisition, the Company recognized operating lease liabilities of $243, and based upon acquisition cost allocation, recorded right of use assets of $2,550. In April 2024, the Company entered into a new operating land lease in Dalton, GA for the expansion of a fourth bitcoin mining location. The lease is for a total of $18 per year with an initial lease term of five years and one renewal period of five years, for which the Company recorded a right of use asset and operating lease liability of $122. Office Space Operating Lease and Sublease The Company also has an operating lease for office space which was previously utilized as its corporate headquarters. In January 2024, the Company ceased usage of the office space. In the quarter ended March 31, 2024, the Company wrote down the right of use asset as it considered the asset to be impaired since the space was not utilized and the efforts to find a sub-lessee at the time were unsuccessful. The Company impaired the right of use asset in the amount of $396 and has recorded this as "impairment expense - other" on the Consolidated Statements of Operations and Comprehensive Loss. In July 2024, the Company entered into a sublease agreement in which it sublets the office space to the sublessee for the remainder of the original lease term expiring in April 2027. Sublease income for the year ended September 30, 2024 was approximately $15. The sublease did not relieve the Company from its original lease obligation. The Company's lease costs recognized in the Consolidated Statements of Operations and Comprehensive Loss consist of the following:
|  | For the year ended September 30, |
($ in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost (1) |  | $ | 293 |  |  | $ | 267 |  |  | $ | 113 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Depreciation expense of financed assets |  | $ | 123 |  |  | $ | 197 |  |  | $ | 379 |
Interest on lease obligations |  | $ | 10 |  |  | $ | 33 |  |  | $ | 38 |
Short-term rent expense |  | $ | 7 |  |  | $ | — |  |  | $ | — |
(1) Included in general and administrative expenses. |
Other lease information is as follows:
|  | For the year ended September 30, |
($ in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in measurement of lease obligations: |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 316 |  |  | $ | 274 |  |  | $ | 131 |
Operating cash outflows from finance leases |  | $ | 10 |  |  | $ | 33 |  |  | $ | 38 |
Financing cash outflows from finance leases |  | $ | 151 |  |  | $ | 301 |  |  | $ | 519 |
|  | September 30, 2024 |  |  | September 30, 2023 |
Weighted-average remaining lease term - operating leases |  | 4.7 years |  |  | 3.8 years |
Weighted-average remaining lease term - finance leases |  | 0.3 years |  |  | 0.9 years |
Weighted-average discount rate - operating leases |  |  | 8.28 | % |  |  | 5.40 | %
Weighted-average discount rate - finance leases |  |  | 9.10 | % |  |  | 5.50 | %
The following is a schedule of the Company's lease liabilities by contractual maturity as of September 30, 2024:
Fiscal Year ($ in thousands) |  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 670 |  |  | $ | 48 |
2026 |  |  | 481 |  |  |  | — |
2027 |  |  | 199 |  |  |  | — |
2028 |  |  | 137 |  |  |  | — |
2029 |  |  | 398 |  |  |  | — |
Thereafter |  |  | 72 |  |  |  | — |
Gross lease liabilities |  |  | 1,958 |  |  |  | 48 |
Less: imputed interest |  |  | (398 | ) |  |  | (1 | )
Present value of lease liabilities |  | $ | 1,560 |  |  | $ | 47 |
Less: Current portion of lease liabilities |  |  | (563 | ) |  |  | (47 | )
Total lease liabilities, net of current portion |  | $ | 997 |  |  | $ | — |

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