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Leases | 9 Months Ended
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Jun. 30, 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 June 30, 2020. Future minimum lease payments related to the operating lease as of June 30, 2020 were as follows (in thousands):
For fiscal years ending September 30, |  |  |  |
2020 (remainder) |  | $ | 42 |
2021 |  |  | 84 |
Future minimum lease payments |  |  | 126 |
Less interest |  |  | (3 | )
Present value of future minimum lease payments |  | $ | 123 |
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 nine months ended June 30, 2020, respectively. Supplemental cash flow information related to the operating lease is a follows (in thousands):
|  | Nine Months Ended |
|  | June 30, 2020 |
Cash paid for amounts included in the measurement of lease liability |  | $ | 123 |
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. The Company regularly evaluates the collectability of its lease receivables on a lease by lease basis. The evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer, historical trends of the customer and current economic conditions. The Company suspends revenue recognition when the collectability of amounts due are no longer probable and records a direct write-off of the lease receivable to rental revenue. As of June 30, 2020, the Company had lease receivables from customers, net of reserves, of $10.1 million. Rental revenue for the three and nine months ended June 30, 2020 was $15.7 million and $40.7 million, respectively. Rental revenue for the three and nine months ended June 30, 2019 was and $10.7 million and $32.4 million, respectively. At June 30, 2020, future minimum lease obligations due from the Company’s leasing customers (all in fiscal year 2020) were $7.2 million, which excludes future lease payments on leases in which collection is not deemed probable. Rental equipment consisted of the following (in thousands):
|  | June 30, 2020 |  |  | September 30, 2019 |
Rental equipment, primarily wireless recording equipment |  | $ | 115,099 |  |  | $ | 107,645 |
Accumulated depreciation and impairment |  |  | (56,528 | ) |  |  | (45,583 | )
|  | $ | 58,571 |  |  | $ | 62,062 |

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