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Leases | 12 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | NOTE 9 - LEASES The Company leases certain equipment under non-cancelable operating leases. Future minimum rental payments under these leases at Sep t ember 30, 2021 are immaterial. Total rental expense for the fiscal years ended September 30, 2021 and 2020 was $78,000 and $37,000, respectively. On August 28, 2020, the Company entered into a three-year operating lease for property related to the manufacturing and warehousing of the Blaw-Knox assets. The lease term is for the period beginning on 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. On October 9, 2020, the Company entered into an operating lease for additional warehousing space for paver inventory. The lease term is for one year beginning November 2020 with automatic one-year renewals. In accordance with ASU 2016-02, the Company recorded a ROU asset totaling $254,000 and related lease liabilities at inception. For the year ended September 30, 2021, operating lease costs were $440,000 and cash payments related to these operating leases were $468,000. 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 as of September 30, 2021 and September 30, 2020, is as follows:
|  | September 30, 2021 |  |  | September 30, 2020 |
Operating lease ROU asset included in other long-term assets |  | $ | 785,000 |  |  | $ | 942,000 |
Current operating lease liability |  |  | 393,000 |  |  |  | 328,000 |
Non-current operating lease liability |  |  | 392,000 |  |  |  | 614,000 |
Weighted average remaining lease term (in years) |  |  | 2.00 |  |  |  | 2.92 |
Weighted average discount rate used in calculating ROU asset |  |  | 4.0 | % |  |  | 4.0 | %
Future annual minimum lease payments as of September 30, 2021 are as follows:
Fiscal Year |  | Annual Lease Payments |
2022 |  | $ | 417,000 |
2023 |  |  | 394,000 |
2024 |  |  | 6,000 |
Total |  |  | 817,000 |
Less interest |  |  | (32,000 | )
Present value of lease liabilities |  | $ | 785,000 |

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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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