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Supplemental Balance Sheet Disclosures | 9 Months Ended
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Jun. 30, 2021
Supplemental Balance Sheet Disclosures |
Supplemental Balance Sheet Disclosures | 2. Supplemental Balance Sheet Disclosures Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value, net of write-downs for excess and obsolete inventory, and consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Raw materials |  | $ | 4,013,201 |  | $ | 3,378,246
Work-in-process | ​ |  | 581,568 | ​ |  | 656,382
Finished goods | ​ |  | 244,042 | ​ |  | 256,707
​ |  | $ | 4,838,811 |  | $ | 4,291,335
​ Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid insurance |  | $ | 287,293 | ​ | $ | 336,331
Other | ​ |  | 410,036 | ​ |  | 338,778
​ |  | $ | 697,329 | ​ | $ | 675,109
​ Property and equipment Property and equipment, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Computer equipment | ​ | $ | 2,310,994 | ​ | $ | 2,302,978
Corporate airplanes | ​ |  | 5,601,039 | ​ |  | 5,601,039
Furniture and office equipment | ​ |  | 970,725 | ​ |  | 1,031,099
Manufacturing facility | ​ |  | 5,883,691 | ​ |  | 5,733,313
Equipment | ​ |  | 5,557,190 | ​ |  | 5,723,355
Land | ​ | ​ | 1,021,245 | ​ | ​ | 1,021,245
​ | ​ |  | 21,344,884 | ​ |  | 21,413,029
Less: accumulated depreciation and amortization | ​ |  | (13,123,942) | ​ |  | (13,237,157)
​ |  | $ | 8,220,942 |  | $ | 8,175,872
​ Depreciation and amortization related to property and equipment was approximately $90,061 and $92,330 for the three-month periods ended June 30, 2021 and 2020, respectively. The corporate airplanes are utilized primarily in support of product development. The Pilatus PC-12 airplane, one of the Company’s two corporate airplanes, has been depreciated to its estimated salvage value. Depreciation and amortization related to property and equipment was approximately $278,956 and $286,584 for the nine-month periods ended June 30, 2021 and 2020, respectively. Other assets Other assets consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2021 |  | 2020
Intangible assets, net of accumulated amortization of $632,969 and $583,655 at June 30, 2021 and September 30, 2020, respectively |  | $ | 63,537 |  | $ | 112,851
Operating lease right-of-use asset | ​ | ​ | 2,241 | ​ | ​ | 45,126
Other non-current assets | ​ | ​ | 85,586 | ​ |  | 91,566
​ |  | $ | 151,364 |  | $ | 249,543
​ Intangible assets consist of licensing and certification rights which are amortized over a defined number of units. No impairment charges were recorded in the nine-month periods ended June 30, 2021 and 2020. Intangible asset amortization expense was approximately $16,841 and $0 for the three-month periods ended June 30, 2021 and 2020, respectively. Intangible asset amortization expense was approximately $49,314 and $4,800 for the nine-month periods ended June 30, 2021 and 2020, respectively. The timing of future amortization expense is not determinable because the intangible assets are being amortized over a defined number of units. Other non-current assets as of June 30, 2021 and September 30, 2020 include the security deposit for an airplane hangar and a deposit for medical claims required under the Company’s medical plan. In addition, other non-current assets as of June 30, 2021 and September 30, 2020 includes $10,286 and $16,266, respectively, of prepaid software licenses that will be earned upon the shipment of a certain product to a customer. Other non-current assets amortization expense was approximately $2,870 and $4,067 for the threemonth periods ended June 30, 2021 and 2020, respectively. Other non-current assets amortization expense was approximately $5,980 and $10,166 for the nine-month periods ended June 30, 2021 and 2020, respectively. Accrued expenses Accrued expenses consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Warranty |  | $ | 585,247 |  | $ | 547,743
Salary, benefits and payroll taxes | ​ |  | 538,066 | ​ |  | 483,797
Professional fees | ​ |  | 151,897 | ​ |  | 151,956
Operating lease | ​ | ​ | 2,241 | ​ | ​ | 45,126
Other | ​ | ​ | 266,036 | ​ | ​ | 133,338
​ |  | $ | 1,543,487 |  | $ | 1,361,960
​ Warranty cost and accrual information for the three- and nine-month periods ended June 30, 2021 is highlighted below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ending | ​ | Nine Months Ending
​ |  | June 30, 2021 |  | June 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Warranty accrual, beginning of period |  | $ | 578,172 | ​ | $ | 547,743
Accrued expense | ​ |  | 63,874 | ​ |  | 137,740
Warranty cost | ​ |  | (56,799) | ​ |  | (100,236)
Warranty accrual, end of period |  | $ | 585,247 | ​ | $ | 585,247
​

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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