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LEASES

9 Months Ended

Jun. 30, 2021

Leases [Abstract]

LEASES

NOTE 14                LEASES

The Company’s operating leases are primarily for corporate, sales and administrative office space. Total operating lease expense was $150,000 and $455,000 for the three and nine months ended June 30, 2021, respectively, and $127,000 and $382,000 for the three and nine months ended June 30, 2020, respectively, and is recorded in sales and marketing and general and administrative expenses on the condensed consolidated statements of operations.

The Company leases certain computer equipment through various finance lease agreements expiring through July 2022. The net book value of assets under finance leases was $16,000 and $23,000 at June 30, 2021 and September 30, 2020, respectively.

In March 2021, the Company signed a renewal to extend the term of its lease in Minnesota for an additional 60 months. Payments under this operating lease commence July 1, 2021 and escalate 2.75% per year. The monthly rent payment is $10,000 per month, which includes taxes and operating expenses as defined in the agreement.

Additional information related to operating and finance leases at June 30, 2021 and September 30, 2020 is as follows: 

Additional information related to operating and finance leases
		June 30,				September 30,
		2021				2020
Weighted Average Remaining Lease Term (Yrs):
Operating leases			9.5				10.9
Finance leases			0.8				0.9
Weighted Average Discount Rate:
Operating leases			5.7%				5.7%
Finance leases			5.8%				5.8%

At June 30, 2021, future minimum payments under non-cancellable operating and finance leases were as follows:

Schedule of future minimum payments under operating & financial leases
		Operating Leases				Finance Leases
Remainder of Fiscal 2021		$	148,000			$	2,000
Fiscal 2022			554,000				4,000
Fiscal 2023			554,000				–
Fiscal 2024			565,000				–
Fiscal 2025			531,000				–
Thereafter			2,908,000				–
Total future minimum lease payments			5,260,000				6,000
Less imputed interest			(1,266,000	)			(2,000	)
Present value of lease liabilities		$	3,994,000			$	4,000

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- References

No definition available.

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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

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