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LEASES | 12 Months Ended
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Sep. 30, 2023
Leases |
LEASES | NOTE 15 – LEASES The Company is party to contracts where we lease property from others under contracts classified as operating leases. The Company primarily leases office and operating facilities, vehicles, and office equipment. The weighted average remaining term of our operating leases was approximately 3 years at September 30, 2023, and 3 years at September 30, 2022. Lease liabilities were $2,348,689 with $741,487 classified as short-term at September 30, 2023, and $2,576,963 with $754,495, classified as short-term at September 30, 2022. The weighted average discount rate used to measure lease liabilities was approximately 5.66% at September 30, 2023, and 2022. The Company used the rate implicit in the lease, where known, or its incremental borrowing rate as the rate used to discount the future lease payments. The Company also made the accounting policy decision not to recognize lease assets and liabilities for leases with a term of 12 months or less. The Company’s corporate segment leases approximately 100 square feet of office space in Brooklyn, NY on a month-to-month lease at a rent of $600 per month with $4,200 of expense for the year ended September 30, 2023 and approximately 911 square feet of office space in Clovis, CA on a month-to-month lease at a monthly rent of $4,930 with $5,550 of expense for the year ended September 30, 2023. The expense is under the caption “General and administrative” on the Company’s Consolidated Statement of Operations. A reconciliation of undiscounted cash flows to operating lease liabilities recognized in the Consolidated Balance Sheet at September 30, 2023, is set forth below: SCHEDULE OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES
Years ending September 30, |  | Operating Leases |
2024 |  |  | 839,613 |
2025 |  |  | 818,948 |
2026 |  |  | 619,459 |
2027 |  |  | 270,742 |
2028 & Thereafter |  |  | 51,415 |
Undiscounted lease payments |  |  | 2,600,177 |
Amount representing interest |  |  | (251,488 | )
Discounted lease payments |  | $ | 2,348,689 |
Lease costs for the years ended September 30, 2023, and 2022 are set forth below: SCHEDULE OF LEASE COSTS
|  | For the year ended |
|  | September 30, |
|  | 2023 |  |  | 2022 |
Operating lease costs |  |  | 828,048 |  |  |  | 682,584 |
Total lease cost |  | $ | 828,048 |  |  | $ | 682,584 |

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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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