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LEASES | 9 Months Ended
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Jun. 30, 2023
Leases |
LEASES | NOTE 14 – 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 June 30, 2023, and 3 years at June 30, 2022. Lease liabilities were $2,213,341 with $716,896 classified as short-term at June 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 5.64% at June 30, 2023, and 5.66% at June 30, 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. A reconciliation of undiscounted cash flows to operating lease liabilities recognized in the condensed consolidated balance sheet at June 30, 2023, is set forth below: SCHEDULE OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES
Years ending September 30, |  | Operating Leases |
2023 |  |  | 211,721 |
2024 |  |  | 786,889 |
2025 |  |  | 764,530 |
2026 |  |  | 684,449 |
2027 & Thereafter |  |  | 289,528 |
Undiscounted lease payments |  |  | 2,737,117 |
Amount representing interest |  |  | (523,776 | )
Discounted lease payments |  | $ | 2,213,341 |
Lease costs for the three and nine months ended June 30, 2023, and 2022 are set forth below.: SCHEDULE OF LEASE COSTS
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the three months ended |  |  | For the nine months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  |  | 193,843 |  |  |  | 223,595 |  |  |  | 678,489 |  |  |  | 592,958 |
Total lease cost |  | $ | 193,843 |  |  | $ | 223,595 |  |  | $ | 678,489 |  |  | $ | 592,958 |

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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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