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13. LEASES | 12 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
LEASES | NOTE 13 LEASES On October 1, 2019, the Company adopted the updated guidance on leases using the modified retrospective transition method. Results for Fiscal 2020 are presented under the updated guidance, while Fiscal 2019 is reported in accordance with historical lease accounting guidance. The Company’s operating leases are primarily for corporate, sales and administrative office space. Total operating lease expense was $562,000 in Fiscal 2020 and total rent expense was $473,000 in Fiscal 2019. These expenses are recorded in general and administrative expenses on the consolidated statements of operations. The Company leases certain computer equipment through finance lease agreements expiring through July 2024. Amortization expense related to assets under finance leases was $42,000 for Fiscal 2020. Interest expense related to assets under finance leases was $3,000 for Fiscal 2020. The following is a summary of computer equipment held under capital leases:
|  | September 30, |
|  | 2020 |  |  | 2019 |
Cost |  | $ | 203,000 |  |  | $ | 203,000 |
Accumulated depreciation |  |  | (180,000 | ) |  |  | (138,000 | )
Net book value |  | $ | 23,000 |  |  | $ | 65,000 |
At September 30, 2020, additional information related to operating and finance leases was as follows:
Weighted Average Remaining Lease Term:
| Operating Leases | 10.9 years
| Finance Leases | 0.9 years
Weighted Average Discount Rate:
| Operating Leases | 5.7%
| Finance Leases | 5.8%
Future minimum payments under non-cancellable operating and finance leases are as follows:
Fiscal Years Ended September 30, |  | Operating Leases |  |  | Finance Leases |
2021 |  | $ | 458,000 |  |  | $ | 24,000 |
2022 |  |  | 430,000 |  |  |  | 10,000 |
2023 |  |  | 426,000 |  |  |  | – |
2024 |  |  | 433,000 |  |  |  | – |
2025 |  |  | 395,000 |  |  |  | – |
Thereafter |  |  | 2,805,000 |  |  |  | – |
Total future minimum lease payments |  |  | 4,947,000 |  |  |  | 34,000 |
Less imputed interest |  |  | (1,328,000 | ) |  |  | (3,000 | )
Total |  | $ | 3,619,000 |  |  | $ | 31,000 |

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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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