Leases (Tables)
|
12 Months Ended |
Sep. 30, 2021 |
|---|
| Leases |
|
| Schedule of ROU assets and lease liabilities |
At September 30, 2021, ROU assets and lease liabilities were as follows:
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As of September 30, |
|
|
|
|
2021 |
Assets: |
|
Classification |
|
|
|
Operating lease right-of-use-asset |
|
Operating lease asset |
|
$ |
5,945,295 |
Financing lease right-of-use-asset |
|
Equipment, net |
|
|
216,490 |
|
|
|
|
$ |
6,161,785 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Current |
|
Classification |
|
|
|
Operating |
|
Operating lease liability |
|
$ |
382,576 |
Financing |
|
Financing lease liability |
|
|
107,632 |
Long-term |
|
|
|
|
|
Operating |
|
Long-term portion of operating leases liability |
|
|
5,794,096 |
Financing |
|
Long-term portion of financing leases liability |
|
|
109,500 |
|
|
|
|
$ |
6,393,804 |
|
| Summary of quantitative information about the leases |
The following tables summarize quantitative information about the Company’s leases for the year ended September 30, 2021 and 2020:
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Year Ended September 30, |
|
|
2021 |
|
2020 |
Operating cash flows - operating lease |
|
$ |
128,963 |
|
$ |
— |
Operating cash flows - financing leases |
|
|
1,376 |
|
|
— |
Financing cash flows - financing leases |
|
|
8,770 |
|
|
— |
|
|
|
|
|
|
|
Right-of-use asset obtained in exchange for operating lease liabilities |
|
$ |
6,117,772 |
|
|
— |
Finance lease assets obtained in exchange for finance lease liabilities |
|
|
225,902 |
|
|
— |
|
|
|
|
|
|
As of September 30, |
|
|
|
2021 |
|
Weighted-average remaining lease term – operating lease (in years) |
|
9.83 |
|
Weighted-average discount rate – operating lease |
|
7.3 |
% |
Weighted-average remaining lease term – financing leases (in years) |
|
1.9 |
|
Weighted-average discount rate – financing leases |
|
7.3 |
% |
The components of lease expense were as follows (in thousands):
|
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|
|
|
|
|
|
|
Year Ended September 30, |
|
|
2021 |
|
2020 |
Operating leases |
|
|
|
|
|
|
Operating lease cost |
|
$ |
360,340 |
|
$ |
— |
Variable lease costs |
|
|
18,216 |
|
|
— |
Total operating lease cost |
|
|
378,556 |
|
|
|
Short-term lease rent expense |
|
|
113,158 |
|
|
96,512 |
Financing leases |
|
|
|
|
|
|
Amortization of leased assets |
|
|
9,413 |
|
|
— |
Interest on lease liabilities |
|
|
1,376 |
|
|
— |
Financing lease cost |
|
|
10,789 |
|
|
— |
Net lease cost |
|
$ |
502,503 |
|
$ |
96,512 |
|
| Summary of future minimum lease payments under the non-cancelable operating lease |
As of September 30, 2021, future minimum lease payments under the non-cancelable leases were as follows:
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|
|
|
|
|
|
|
Operating |
|
Financing |
|
|
Lease |
|
Leases |
Year Ended September 30, 2022 |
|
|
822,660 |
|
|
121,752 |
Year Ended September 30, 2023 |
|
|
867,367 |
|
|
111,606 |
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 |
|
|
8,735,394 |
|
|
233,358 |
Less present value discount |
|
|
(2,558,722) |
|
|
(16,226) |
Operating lease liabilities |
|
$ |
6,176,672 |
|
$ |
217,132 |
|