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Leases | 6 Months Ended
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Mar. 31, 2020
Rental Equipment [Abstract] |
Leases | 7. Leases As Lessee The Company has elected not to record operating right-of-use assets or operating lease liabilities with a term of 12 months or less on its consolidated balance sheet. Such leases are expensed on a straight-line basis over the lease term. The Company has one operating right-of use asset related to a leased facility in Austin, Texas. The lease commenced in May 2019 and is for a two-year term. The operating right-of-use asset had a balance of $0.1 million as of March 31, 2020. Future minimum lease payments related to the operating lease as of March 31, 2020 were as follows (in thousands):
For fiscal year ending September 30, |  |  |  |
2020 (remainder) |  | $ | 83 |
2021 |  |  | 84 |
Future minimum lease payments |  |  | 167 |
Less interest |  |  | (4 | )
Present value of future minimum lease payments |  |  | 163 |
Less current portion |  |  | (149 | )
Non-current portion |  | $ | 14 |
The discount rate used on the lease was 5%, which represented the Company’s incremental borrowing rate at the lease’s inception. Operating lease costs are recorded in a single expense in the consolidated statements of operations and allocated to the right-of-use asset and the related lease liability as amortization expense and interest expense, respectively. Right-of-use asset operating lease costs of $38,000 and $0.1 million, and short-term lease costs of $0.1 million and $0.2 million, both included as a component of total operating expenses, were recognized for the three and six months ended March 31, 2020, respectively. Supplemental cash flow information related to the operating lease is a follows (in thousands):
|  | Six Months Ended |
|  | March 31, 2020 |
Cash paid for amounts included in the measurement of lease liability |  | $ | 82 |
Operating lease asset obtained in exchange for new lease liability |  |  | 219 |
As Lessor The Company leases equipment to customers primarily for terms of six months or less. The majority of the Company’s rental revenue is generated from its marine-based wireless seismic data acquisition system. All of the Company’s leasing arrangements as lessor are classified as operating leases except for one sales-type lease. See Note 5 for more information on this lease. Rental revenue for the three and six months ended March 31, 2020 was $16.4 million and $33.0 million, respectively. Rental revenue for the three and six months ended March 31, 2019 was and $14.3 million and $21.7 million, respectively. At March 31, 2020, future minimum lease payments due from the Company’s leasing customers (all in fiscal year 2020) were $16.4 million (not inclusive of lease deposits of $0.4 million). Rental equipment consisted of the following (in thousands):
|  | March 31, 2020 |  |  | September 30, 2019 |
Rental equipment, primarily wireless recording equipment |  | $ | 114,990 |  |  | $ | 107,645 |
Accumulated depreciation and impairment |  |  | (52,301 | ) |  |  | (45,583 | )
|  | $ | 62,689 |  |  | $ | 62,062 |

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- Definition Rental equipment. + References No definition available. + Details
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