Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
9 Months Ended
Jun. 30, 2021
Leases  
Summary of quantitative information about the leases

The following tables summarize quantitative information about the Company’s leases for the three and nine months ended June 30, 2021 and 2020:

 

Nine months ended June 30, 

    

2021

    

2020

Operating cash flows - operating lease

$

15,904

$

Right-of-use asset obtained in exchange for operating lease liabilities at lease commencement

$

6,117,772

 

As of June 30, 

 

    

2021

 

Weighted-average remaining lease term – operating lease (in years)

 

10.08

Weighted-average discount rate – operating lease

 

7.3

%

Three Months Ended

Nine Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

Operating leases

 

  

 

  

 

  

 

  

Operating lease cost

$

144,136

$

 

144,136

$

Short-term lease rent expense

 

29,083

 

31,174

 

85,522

 

71,014

Net lease cost

$

173,219

$

31,174

$

229,658

$

71,014

Summary of future minimum lease payments under the non-cancelable operating lease

As of June 30, 2021, future minimum lease payments under the non-cancelable operating lease was as follows:

Operating

    

Lease

Remaining Period Ended September 30, 2021

$

113,058

Year Ended September 30, 2022

 

822,660

Year Ended September 30, 2023

 

867,367

Year Ended September 30, 2024

 

874,320

Year Ended September 30, 2025

 

881,391

Year Ended September 30, 2026

 

888,627

Thereafter

 

4,401,029

Total

 

8,848,452

Less present value discount

 

(2,671,870)

Operating lease liabilities

$

6,176,582