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Leases | 3 Months Ended
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Dec. 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. Variable lease payments are excluded from the measurement of operating right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As of December 31, 2021, the Company has two operating right-of-use assets related to leased facilities in Austin, Texas and Melbourne, Florida. Maturities of the operating lease liabilities as of December 31, 2021 were as follows: (in thousands):
For fiscal years ending September 30, |  |  |
2022 (remainder) |  | $ | 193 |
2023 |  |  | 270 |
2024 |  |  | 278 |
2025 |  |  | 186 |
2026 |  |  | 130 |
Thereafter |  |  | 225 |
Future minimum lease payments |  |  | 1,282 |
Less interest |  |  | (107 | )
Present value of minimum lease payments |  |  | 1,175 |
Less current portion |  |  | (150 | )
Long-term portion |  | $ | 1,025 |
Lease costs recognized in the consolidated statements of operations for the three months ended December 31, 2021 and 2020 were as follows (in thousands):
|  | Three Months Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
Right-of-use operating lease costs |  | $ | 68 |  |  | $ | 38 |
Short-term lease costs |  |  | 44 |  |  |  | 74 |
Total |  | $ | 112 |  |  | $ | 112 |
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):
| Three Months Ended |
| December 31, 2021 |  |  | December 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 70 |  |  | $ | 42 |
Weighted average remaining lease term | 5.3 years |  |  | 1.3 years |
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 Equipment 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 the Company’s sales-type 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 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, 2021, the Company’s trade accounts receivables included lease receivables of $6.0 million. Rental revenue related to leased equipment for the three months ended December 31, 2021 and 2020 was $4.9 million and $1.7 million, respectively. At December 31, 2021, future minimum lease obligations due from the Company’s leasing customers on operating leases (all in fiscal year 2022) were $0.5 million. Rental equipment consisted of the following (in thousands):
|  | December 31, 2021 |  |  | September 30, 2021 |
Rental equipment, primarily wireless recording equipment |  | $ | 94,194 |  |  | $ | 95,827 |
Accumulated depreciation and impairment |  |  | (58,379 | ) |  |  | (56,922 | )
|  | $ | 35,815 |  |  | $ | 38,905 |
Property During the first quarter of fiscal year 2022, the Company leased a portion of its property located in Calgary, Alberta, Canada and fully leased its warehouse in Bogotá, Colombia. The lease in Canada commenced in November 2021 and is for a five-year term. The lease on the warehouse in Bogotá commenced in December 2021 and is for a one-year term. Rental revenue related to these two property leases was $29,000 for the three months ended December 31, 2021. Future minimum lease payment due to the Company as of December 31, 2021 on these two leases were as follows (in thousands):
For fiscal years ending September 30, |  |  |
2022 (remainder) |  | $ | 147 |
2023 |  |  | 136 |
2024 |  |  | 128 |
2025 |  |  | 131 |
2026 |  |  | 132 |
Thereafter |  |  | 11 |
|  | $ | 685 |

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