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LEASES | 6 Months Ended
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Mar. 31, 2024
Leases |
LEASES |
NOTE 12 | LEASES
The Company’s operating leases are primarily for corporate, engineering, and administrative office space. Cash paid for amounts included in operating lease liabilities for the six months ended March 31, 2024 and 2023, which have been included in cash flows from operating activities, was $294,000 and $286,000, respectively. Details of operating lease expense are as follows:
Schedule of operating lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended March 31, |  |  | For the Six Months Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing expense |  | $ | 4,000 |  |  | $ | 2,000 |  |  | $ | 7,000 |  |  | $ | 3,000 |
General and administrative expense |  |  | 151,000 |  |  |  | 162,000 |  |  |  | 302,000 |  |  |  | 309,000 |
Total |  | $ | 155,000 |  |  | $ | 164,000 |  |  | $ | 309,000 |  |  | $ | 312,000 |
At March 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 7.2 years and a weighted average discount rate of 5.7%. At March 31, 2024, future minimum payments under non-cancellable operating leases were as follows:
Schedule of future minimum payments under operating leases |  |  |  |
Remainder of Fiscal 2024 |  | $ | 298,000 |
Fiscal 2025 |  |  | 556,000 |
Fiscal 2026 |  |  | 510,000 |
Fiscal 2027 |  |  | 419,000 |
Fiscal 2028 |  |  | 428,000 |
Thereafter |  |  | 1,551,000 |
Total future minimum lease payments |  |  | 3,762,000 |
Less imputed interest |  |  | (715,000 | )
Present value of lease liabilities |  |  | 3,047,000 |
Less current portion of lease liabilities |  |  | (423,000 | )
Long-term portion of lease liabilities |  | $ | 2,624,000 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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