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Leases

3 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 9 – Leases

The Company leases certain equipment under non-cancelable operating leases. Future minimum rental payments under these leases at December 31, 2022 were immaterial.

On August 28, 2020, the Company entered into a three-year operating lease for property related to manufacturing and warehousing. 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 inventory. The original lease term was 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. An additional $39,000 was recorded as a ROU asset and related lease liability in October 2021 to reflect the impact of the lease renewal.

For the quarter ended December 31, 2022, operating lease costs were $107,000 and cash payments related to these operating leases were $133,000. For the quarter ended December 31, 2021, operating lease costs were $101,000 and cash payments related to these operating leases were $109,000.

Other information concerning the Company’s operating lease accounted for under ASC 842 guidelines as of December 31, 2022 and September 30, 2022, is as follows:

 

		December 31, 2022				September 30, 2022
Operating lease ROU asset included in other long-term assets		$	293,000			$	396,000
Current operating lease liability		$	293,000			$	390,000
Non-current operating lease liability		$	—			$	6,000
Weighted average remaining lease term (in years)			0.75				1.00
Weighted average discount rate used in calculating ROU asset			4.0	%			4.0	%

Future annual minimum lease payments as of December 31, 2022 are as follows:

 

Fiscal Year		Annual Lease Payments
2023 (remaining nine months)		$	298,000
Less interest			(5,000	)
Present value of lease liabilities		$	293,000

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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