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Supplemental Balance Sheet Disclosures | 9 Months Ended
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Jun. 30, 2022
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,
​ |  | 2022 |  | 2021
Raw materials |  | $ | 4,116,347 |  | $ | 3,729,692
Work-in-process | ​ |  | 670,883 | ​ |  | 629,814
Finished goods | ​ |  | 117,804 | ​ |  | 185,886
​ |  | $ | 4,905,034 |  | $ | 4,545,392
​ Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2022 |  | 2021
Prepaid insurance |  | $ | 483,344 | ​ | $ | 318,138
Income tax | ​ | ​ | 15,118 | ​ | ​ | —
Other | ​ |  | 280,388 | ​ |  | 514,938
​ |  | $ | 778,850 | ​ | $ | 833,076
​ Assets held for sale The asset classified as held for sale, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | September 30,
​ | ​ | 2022 | ​ | 2021
Corporate airplane (Pilatus PC-12) |  | $ | 3,142,500 |  | $ | —
Less: accumulated depreciation |  | ​ | (1,584,025) |  | ​ | —
​ | ​ | $ | 1,558,475 | ​ | $ | —
​ As of June 30, 2022, the Company classified $1.6 million of net property and equipment as “assets held for sale” on the consolidated balance sheet. During the quarter ended June 30, 2022, management of the Company implemented a plan to sell a Company-owned aircraft and commenced efforts to locate a buyer for the aircraft. In June 2022, the Company entered into an agreement to sell the aircraft for $2,900,000, and management expects to complete the sale during the quarter ended September 30, 2022 at which time, the Company will recognize a gain on the sale of the aircraft. Property and equipment Property and equipment, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2022 |  | 2021
Computer equipment | ​ | $ | 2,307,139 | ​ | $ | 2,309,053
Corporate airplanes | ​ |  | 2,406,468 | ​ |  | 5,601,039
Furniture and office equipment | ​ |  | 976,993 | ​ |  | 970,725
Manufacturing facility | ​ |  | 5,889,491 | ​ |  | 5,889,491
Equipment | ​ |  | 5,624,966 | ​ |  | 5,545,529
Land | ​ | ​ | 1,021,245 | ​ | ​ | 1,021,245
​ | ​ |  | 18,226,302 | ​ |  | 21,337,082
Less: accumulated depreciation and amortization | ​ |  | (11,844,841) | ​ |  | (13,193,599)
​ |  | $ | 6,381,461 |  | $ | 8,143,483
​ Depreciation and amortization related to property and equipment was $89,072 and $90,061 for the three-month periods ended June 30, 2022 and 2021, 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 $269,567 and $278,956 for the nine-month periods ended June 30, 2022 and 2021, respectively. Other assets Other assets consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2022 |  | 2021
Intangible assets, net of accumulated amortization of $635,095 and $634,032 at June 30, 2022 and September 30, 2021 |  | $ | 61,411 |  | $ | 62,474
Operating lease right-of-use asset | ​ | ​ | 32,189 | ​ | ​ | 42,976
Other non-current assets | ​ | ​ | 75,300 | ​ |  | 82,834
​ |  | $ | 168,900 |  | $ | 188,284
​ 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, 2022 and 2021. Intangible asset amortization expense was $0 and $16,841 for the three-month periods ended June 30, 2022 and 2021, respectively. Intangible asset amortization expense was $1,063 and $49,314 for the nine-month periods ended June 30, 2022 and 2021, 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, 2022 and September 30, 2021 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, 2022 and September 30, 2021 includes $0 and $7,535, 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 $2,021 and $2,870 for the three-month periods ended June 30, 2022 and 2021, respectively. Other non-current assets amortization expense was $7,534 and $5,980 for the nine-month periods ended June 30, 2022 and 2021, respectively. Accrued expenses Accrued expenses consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | September 30,
​ |  | 2022 |  | 2021
Warranty |  | $ | 600,621 |  | $ | 589,260
Salary, benefits and payroll taxes | ​ |  | 553,482 | ​ |  | 385,287
Professional fees | ​ |  | 176,433 | ​ |  | 163,130
Income tax | ​ | ​ | — | ​ | ​ | 104,737
Operating lease | ​ | ​ | 13,782 | ​ | ​ | 14,296
Other | ​ | ​ | 339,112 | ​ | ​ | 174,405
​ |  | $ | 1,683,430 |  | $ | 1,431,115
​ Warranty cost and accrual information for the three-month period ended June 30, 2022 is highlighted below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ending | ​ | Nine Months Ending
​ |  | June 30, 2022 |  | June 30, 2022
Warranty accrual, beginning of period |  | $ | 585,867 | ​ | $ | 589,260
Accrued expense | ​ |  | 50,399 | ​ |  | 115,043
Warranty cost | ​ |  | (35,645) | ​ |  | (103,682)
Warranty accrual, end of period |  | $ | 600,621 | ​ | $ | 600,621
​

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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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