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Leases | 12 Months Ended
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Sep. 30, 2024
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, 2024 are immaterial. Total rental expense for both of the fiscal years ended September 30, 2024 and 2023 was $47,000. On August 28, 2020, the Company entered into a three-year operating lease for property related to the manufacturing and warehousing. The lease term was for the period beginning on September 1, 2020 through August 31, 2023. In accordance with ASU 2016-02 – Leases (Topic 842) , the Company recorded a right-of-use (“ROU”) asset totaling $970,000 and related lease liabilities at inception. In March 2023, the Company extended the lease term through August 31, 2024. In accordance with ASU 2016-02, the Company recorded a ROU asset totaling $352,000 and related lease liabilities upon extension. In March 2024, the Company extended the lease term through August 31, 2025. In accordance with ASU 2016-02, the Company recorded a ROU asset totaling $361,000 and related lease liabilities upon extension. For the year ended September 30, 2024, operating lease costs were $432,000 and cash payments related to these operating leases were $463,000. For the year ended September 30, 2023, operating lease costs were $429,000 and cash payments related to these operating leases were $458,000. Other information concerning the Company’s operating lease accounted for under ASC 842 guidelines as of September 30, 2024 and September 30, 2023, is as follows:
|  | September 30, 2024 |  |  | September 30, 2023 |
Operating lease ROU asset included in other long-term assets |  | $ | 330,000 |  |  | $ | 328,000 |
Current operating lease liability |  | $ | 330,000 |  |  |  | 328,000 |
Weighted average remaining lease term (in years) |  |  | 0.92 |  |  |  | 0.51 |
Weighted average discount rate used in calculating ROU asset |  |  | 5.0 | % |  |  | 4.5 | %
Future annual minimum lease payments as of September 30, 2024 are as follows:
Fiscal Year |  | Annual Lease Payments |
2025 |  | $ | 338,000 |
Less interest |  |  | (8,000 | )
Present value of lease liabilities |  | $ | 330,000 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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