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Subsequent Events | 6 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | 12. Subsequent Events On April 15, 2022, our subsidiary, BTU International, Inc. (“BTU”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Rhino Capital Advisors, LLC (“Buyer”) for the sale of BTU’s building in Billerica, Massachusetts (the “Property”), subject to the terms and conditions contained in the Purchase Agreement. The sale price for the Property is $21.5 million, $0.5 million of which was paid as a nonrefundable deposit, with the remainder due at closing. The Purchase Agreement contains representations, warranties and covenants customary for transactions of this type. Closing is tentatively set for June 21, 2022. Closing is subject to the execution of a leaseback of the premises. Terms of the leaseback are expected to include a base rent of $1.5 million per year in an absolute triple net lease for a two-year term. Based on a June 2022 closing date, we expect to recognize a gain on this transaction of approximately $11 million to $12 million, net of tax. We believe we will be able to utilize our net operating losses from a tax perspective, subject to an 80% federal limitation. Additionally, we expect a net cash inflow of approximately $15 million to $16 million, after repayment of the existing mortgage and settlement of related sale expenses.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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