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LEASES | 9 Months Ended
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Jun. 30, 2021
LEASES |
Note - 15 LEASES | NOTE 15 – LEASES The Company has lease agreements for its corporate, warehouse and laboratory offices with lease periods expiring between 2021 and 2026. ASC 842 requires the recognition of leasing arrangements on the consolidated balance sheet as right-of-use assets and liabilities pertaining to the rights and obligations created by the leased assets. The Company determines whether an arrangement is a lease at inception and classify it as finance or operating. All of the Company’s leases are classified as operating leases. The Company’s leases do not contain any residual value guarantees. Right-of-use lease assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the expected lease term. Since the interest rate implicit in our lease arrangements is not readily determinable, the Company determined an incremental borrowing rate for each lease based on the approximate interest rate on a collateralized basis with similar remaining terms and payments as of the lease commencement date to determine the present value of future lease payments. The Company’s lease terms may include options to extend or terminate the lease. In addition to the monthly base amounts in the lease agreements, the Company is required to pay real estate taxes, insurance and common area maintenance expenses during the lease terms. Lease costs on operating leases are recognized on a straight-line basis over the lease term and included as a selling, general and administrative expense in the condensed consolidated statements of operations. Components of operating lease costs are summarized as follows:
|  | Three months |  |  | Nine months |
|  | ended |  |  | ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2021 |
Total Operating Lease Costs |  | $ | 386,783 |  |  | $ | 1,160,350 |
Supplemental cash flow information related to operating leases is summarized as follows:
|  | Three months |  |  | Nine months |
|  | ended |  |  | ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2021 |
Cash paid for amounts included in the measnurement of operating lease liabilities |  | $ | 382,277 |  |  | $ | 1,085,208 |
As of June 30, 2021, our operating leases had a weighted average remaining lease term of 5.01 years and a weighted average discount rate of 4.66%. Future minimum aggregate lease payments under operating leases as of June 30, 2021 are summarized as follows:
For the year ended September 30, |  |  |
2021 (remaining three months) |  | $ | 384,626 |
2022 |  |  | 1,405,887 |
2023 |  |  | 1,380,204 |
2024 |  |  | 1,421,610 |
2025 |  |  | 1,159,949 |
Thereafter |  |  | 1,372,862 |
Total future lease payments |  |  | 7,125,138 |
Less interest |  |  | (802,747 | )
Total lease liabilities |  | $ | 6,322,391 |
Future minimum lease payments (including interest) under non-cancelable operating leases as of September 30,2020 are summarized as follows:
For the year ended September 30, |  |  |
2021 |  | $ | 1,452,434 |
2022 |  |  | 1,392,837 |
2023 |  |  | 1,380,204 |
2024 |  |  | 1,421,610 |
2025 |  |  | 1,159,949 |
Thereafter |  |  | 1,372,862 |
Total obligations and commitments |  | $ | 8,179,896 |

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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- References No definition available. + Details
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