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Assets Held for Sale
12 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Assets Held for Sale Assets Held for Sale
As of September 30, 2021, the Company had two properties classified as held for sale with an aggregate net realizable value less cost to sell of $4.9 million with associated liabilities amounting to $1.1 million.
On October 6, 2021, the Company sold a property classified as held-for-sale with a carrying value of $3.0 million for $3.2 million, of which $2.7 million was in the form of a secured promissory note. The 7% note receivable has a term of eight years and is collectible in equal monthly installments of $21,544 in principal and interest with the remaining balance to be paid at maturity.
On March 23, 2022, the Company sold a property classified as held-for-sale with a carrying value of $1.9 million for $2.1 million in cash. The Company used $816,000 of the proceeds to pay off a loan related to the property.
On May 17, 2022, the Company sold a property classified as held-for-sale during the first quarter of fiscal 2022 with a carrying value of $1.1 million for $1.7 million in cash. The Company used $1.6 million of the proceeds to pay off a loan related to the property.
The Company expects the properties held for sale, which are primarily comprised of land and buildings, to be sold within 12 months through property listings by our real estate brokers.
As of September 30, 2022, there were no liabilities associated with held-for-sale assets amounting to $1.0 million. Gains or losses on the sale of properties held for sale are included in other charges, net within the consolidated statements of operations (see Note 5).