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Leases | 6 Months Ended
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Mar. 31, 2021
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. As of March 31, 2021, the Company has two operating right-of-use assets related to leased facilities in Austin, Texas and Cocoa Beach, Florida. Maturities of the operating lease liabilities as of March 31, 2021 were as follows: (in thousands):
For fiscal years ending September 30, |  |  |  |
2021 (remainder) |  | $ | 120 |
2022 |  |  | 262 |
2023 |  |  | 270 |
2024 |  |  | 278 |
2025 |  |  | 186 |
Thereafter |  |  | 356 |
Future minimum lease payments |  |  | 1,472 |
Less interest |  |  | 138 |
Present value of minimum lease payments |  |  | 1,334 |
Less current portion |  |  | 199 |
Long-term portion |  | $ | 1,135 |
Lease costs recognized in the consolidated statements of operations for the three and six months ended March 31, 2021 and 2020 is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | March 31, 2021 |  |  | March 31, 2020 |  |  | March 31, 2021 |  |  | March 31, 2020 |
Right-of-use operating lease costs |  | $ | 73 |  |  | $ | 38 |  |  | $ | 111 |  |  | $ | 75 |
Short-term lease costs |  |  | 66 |  |  |  | 75 |  |  |  | 140 |  |  |  | 151 |
Total |  | $ | 139 |  |  | $ | 113 |  |  | $ | 251 |  |  | $ | 226 |
Right-of-use operating lease costs and short-term lease costs are included as a component of total operating expenses. Other information related to operating leases is as follows (in thousands):
| Six Months Ended |
| March 31, 2021 |  |  | March 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 91 |  |  | $ | 82 |
Operating lease assets obtained in exchange for new lease liabilities |  | 1,336 |  |  |  | — |
Weighted average remaining lease term | 6.0 years |  |  | 1.0 year |
Weighted average discount rate |  | 3.25 | % |  |  | 5.00 | %
The discount rate used on the operating right-of-use assets represented the Company’s incremental borrowing rate at lease inception. 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 March 31, 2021, the Company had lease receivables from customers, net of reserves, of approximately $1.8 million. Rental revenue for the three and six months ended March 31, 2021 was $2.3 million and $4.0 million, respectively. Rental revenue for the three and six months ended March 31, 2020 was $16.4 million and $25.0 million, respectively. At March 31, 2021, future minimum lease obligations due from the Company’s leasing customers (all in fiscal year 2021) were $7.1 million. Rental equipment consisted of the following (in thousands):
|  | March 31, 2021 |  |  | September 30, 2020 |
Rental equipment, primarily wireless recording equipment |  | $ | 90,399 |  |  | $ | 114,783 |
Accumulated depreciation and impairment |  |  | (52,017 | ) |  |  | (60,466 | )
|  | $ | 38,382 |  |  | $ | 54,317 |
During the second quarter of fiscal year 2021, the Company entered into a memorandum of understanding with a customer to lease land-based wireless seismic rental equipment from its rental fleet. The transaction is expected to be in the form of a sales-type lease with ownership of the equipment transferring to the customer upon completion of the lease, which has a term of six months. The carrying amount of the equipment to be leased is $1.3 million and has been reclassified from rental equipment to assets held for sale on its consolidated balance sheet as of March 31, 2021. Total lease payments due from the customer under the lease exceed the equipment’s carrying value. The Company anticipates the transaction will be consummated during the third quarter of fiscal year 2021.

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