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Commitments and Contingencies | 12 Months Ended
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Sep. 30, 2021
Commitments and Contingencies [Abstract] |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Operating Lease Effective July 1, 2019, Citius entered into a 76-month lease for office space in Cranford, NJ. Citius will pay its proportionate share of real estate taxes and operating expenses in excess of the base year expenses. These costs are considered to be variable lease payments and are not included in the determination of the lease’s right-of-use asset or lease liability. The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities:
| ● | As the Company’s Cranford lease does not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company has estimated its incremental borrowing rate based on the remaining lease term as of the adoption date.
| ● | Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component.
| ● | The expected lease terms include noncancelable lease periods.
The elements of lease expense are as follows:
Lease cost |  | Year Ended September 30, 2021 |  |  | Year Ended September 30, 2020 |
Operating lease cost |  | $ | 238,824 |  |  | $ | 228,828 |
Variable lease cost |  |  | 194 |  |  |  | — |
Total lease cost |  | $ | 239,018 |  |  | $ | 228,828 |
Other information |  |  |  |  |  |
Weighted-average remaining lease term - operating leases |  |  | 4.1 Years |  |  |  | 5.1 Years |
Weighted-average discount rate - operating leases |  |  | 8.0 | % |  |  | 8.0 | %
Maturities of lease liabilities due under the Company’s non-cancellable leases are as follows:
Year Ending September 30, |  |  |
2022 |  | $ | 239,306 |
2023 |  |  | 244,165 |
2024 |  |  | 249,024 |
2025 |  |  | 253,883 |
Thereafter |  |  | 21,460 |
Total lease payments |  |  | 1,007,838 |
Less: interest |  |  | (152,367 | )
Present value of lease liabilities |  | $ | 855,471 |
Leases |  | Classification |  | September 30, 2021 |  |  | September 30, 2020 |
Assets |  |  |  |  |  |  |  |
Lease asset |  | Operating |  | $ | 822,828 |  |  | $ | 986,204 |
Total lease assets |  |  |  | $ | 822,828 |  |  | $ | 986,204 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  | Operating |  | $ | 177,237 |  |  | $ | 158,999 |
Non-current |  | Operating |  |  | 678,234 |  |  |  | 855,471 |
Total lease liabilities |  |  |  | $ | 855,471 |  |  | $ | 1,014,470 |
Interest expense on the lease liability was $75,448 and $87,303 for the years ended September 30, 2021 and 2020, respectively. Legal Proceedings The Company is not involved in any litigation that it believes could have a material adverse effect on its financial position or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company’s executive officers, threatened against or affecting the Company or its officers or directors in their capacities as such.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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