XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Operating Lease | 9 Months Ended
--- | ---
Jun. 30, 2024
Operating Lease [Abstract] |
OPERATING LEASE | 6. OPERATING LEASE Effective July 1, 2019, Citius Pharma entered into a 76-month lease for office space in Cranford, NJ. Citius Pharma pays its proportionate share of real estate taxes and operating expenses in excess of the base year expenses. These costs are 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 lease does not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments 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 |  |  | Nine Months Ended June 30, 2024 |  |  | Nine Months Ended June 30, 2023 |
Operating lease cost |  |  | $ | 179,117 |  |  | $ | 179,118 |
Variable lease cost |  |  |  | 3,732 |  |  |  | 3,567 |
Total lease cost |  |  | $ | 182,849 |  |  | $ | 182,685 |
Other information |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - operating leases |  |  |  | 1.3 Years |  |  |  | 2.3 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, |  | June 30, 2024 |
2024 (excluding the 9 months ended June 30, 2024) |  | $ | 63,167 |
2025 |  |  | 253,883 |
2026 |  |  | 21,460 |
Total lease payments |  |  | 338,510 |
Less: interest |  |  | (18,499 | )
Present value of lease liabilities |  | $ | 320,011 |
Leases |  | Classification |  | June 30, 2024 |  |  | September 30, 2023 |
Assets |  |  |  |  |  |  |  |
Lease asset |  | Operating |  | $ | 299,932 |  |  | $ | 454,426 |
Total lease assets |  |  |  | $ | 299,932 |  |  | $ | 454,426 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  | Operating |  | $ | 235,581 |  |  | $ | 218,380 |
Non-current |  | Operating |  |  | 84,430 |  |  |  | 262,865 |
Total lease liabilities |  |  |  | $ | 320,011 |  |  | $ | 481,245 |
Interest expense on the lease liability was $24,623 and $36,861 for the nine months ended June 30, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesOperatingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration