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Leases | 3 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 7. Leases As Lessee The Company has elected not to record operating right-of-use assets or operating lease liabilities on its consolidated balance sheet for leases having a minimum term of 12 months or less. 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 $40,000 as of December 31, 2020. Future minimum lease payments related to the operating lease as of December 31, 2020 was $42,000, all of which is due in fiscal year 2021. 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 $38,000 and short-term lease costs of $74,000 and $76,000, both included as a component of total operating expenses, were recognized for the three months ended December 30, 2020 and 2019, respectively. The discount rate used on the operating right-of-use asset was 5%, which represented the Company’s incremental borrowing rate at the lease’s inception. Supplemental cash flow information related to the operating right-of-use asset is a follows (in thousands):
| Three Months Ended |
| December 31, 2020 |  |  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liability | $ | 42 |  |  | $ | 40 |
The Company has entered into a new operating lease on a facility in Austin, Texas which commences in March 2021. The Company will record the lease as an operating right-of-use asset in the second quarter of fiscal year 2021. The lease has a seven-year term with future minimum lease payments of $0.9 million. As Lessor The Company leases equipment to customers primarily for terms of six months or less. All of the Company’s leasing arrangements as lessor are classified as operating leases. The majority of the Company’s rental revenue is generated from its marine-based wireless seismic data acquisition system. 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 concurrently records a direct write-off of the lease receivable to rental revenue and limits future rental revenue recognition to cash received. As of December 31, 2020, the Company had lease receivables from customers, net of reserves, of $3.9 million. Rental revenue for the three months ended December 31, 2020 and 2019 was $1.7 million and $8.6 million, respectively. At December 31, 2020, future minimum lease obligations due from the Company’s leasing customers (all in fiscal year 2021) were $3.0 million. Rental equipment consisted of the following (in thousands):
|  | December 31, 2020 |  |  | September 30, 2020 |
Rental equipment, primarily wireless recording equipment |  | $ | 97,938 |  |  | $ | 114,783 |
Accumulated depreciation and impairment |  |  | (53,771 | ) |  |  | (60,466 | )
|  | $ | 44,167 |  |  | $ | 54,317 |

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- Definition Leases disclosure. + References No definition available. + Details
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- References No definition available. + Details
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