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Variable Interest Entity | 9 Months Ended
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Jun. 30, 2023
Variable Interest Entity Disclosure [Abstract] |
Variable Interest Entity | Variable Interest Entity On March 31, 2023, the Company entered into a Settlement Agreement and Mutual Release (“Agreement”) with Angia Holdings, LLC and Thomas Diamante and Lawrence Zelin (“Principals”). The Agreement stipulated that the Principals would pay the Company $1,000,000 within 10 days of the effective date of the Agreement, and an additional $1,000,000 within 45 days of the effective date of the Agreement if a joint venture, with terms acceptable to the Company, was not formed. The Principals made the initial $1,000,000 payment in April 2023, and, having failed to form a joint venture, as described above, made the second $1,000,000 payment in May 2023. Consequently, employment of the Principals was terminated, and operations of SW Financial were shut down. The Company recorded a gain on receipt of the settlement amounts of $2,000,000 and a loss on deconsolidation of SW Financial's assets and liabilities of approximately $1.7 million, as detailed in the table below (in $000’s):
Accounts payable | $ | 242 |
Lease liabilities | 728 |
Total deconsolidation of liabilities | 970 |
Cash | 187 |
Accounts receivable | 130 |
Other current assets | 187 |
Intangible assets |
Customer Relationships | 1,348 |
Tradenames | 72 |
Subtotal Intangible Assets | 1,420 |
Right-of-use assets | 687 |
Other assets | 55 |
Total deconsolidation of assets | 2,666 |
Total loss on deconsolidation | $ | (1,696) |

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- Definition Variable Interest Entity Disclosure + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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