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Leases | 12 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | NOTE 9 - LEASES The Company leases certain equipment under non-cancelable operating leases. Future minimum rental payments under these leases at September 30, 2020 are immaterial. Total rental expense for the fiscal years ended September 30, 2020 and 2019 was $37,000 and $40,000, respectively. On August 28, 2020, the Company entered into a three-year operating lease for property related to the manufactur ing and warehousing of the Blaw-Knox paver business which was acquired after September 30, 2020 (refer to Note 12 – Subsequent Events for additional information ). The lease term is for the period September 1, 2020 through August 31, 2023. In accordance with ASU 2016-02, the Company recorded a ROU asset totaling $970,000 and related lease liabilities at inception. For the year ended September 30, 2020, operating lease cost was $28,000 which was accrued at September 30, 2020 and paid in October 2020. There were no cash payments related to this operating lease in fiscal 2020. Other information concerning the Company’s operating lease accounted for under ASC 842 guidelines is as follows:
|  | As of September 30, 2020 |
Operating lease ROU asset included in other long-term assets |  | $ | 942,000 |
Current operating lease liability |  |  | 328,000 |
Non-current operating lease liability |  |  | 614,000 |
Weighted average remaining lease term (in years) |  |  | 2.92 |
Weighted average discount rate used in calculating ROU asset |  |  | 4.0 | %
Future annual minimum lease payments as of September 30, 2020 are as follows:
Fiscal Year |  | Annual Lease Payments |
2021 |  | $ | 335,000 |
2022 |  |  | 343,000 |
2023 |  |  | 322,000 |
Total |  |  | 1,000,000 |
Less interest |  |  | (58,000 | )
Present value of lease liabilities |  | $ | 942,000 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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