Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
3 Months Ended
Dec. 31, 2021
Leases  
Summary of quantitative information about the leases

At December 31, 2021 and September 30, 2021, ROU assets and lease liabilities were as follows:

As of December 31,

As of September 30,

    

    

2021

    

2021

Assets:

 

Classification

Operating lease right-of-use-asset

 

Operating lease asset

$

5,841,696

$

5,945,295

Financing lease right-of-use-asset

 

Equipment, net

 

188,252

 

216,490

$

6,029,948

$

6,161,785

Liabilities:

  

 

  

 

  

Current

Classification

 

  

 

  

Operating

Operating lease liability

$

429,507

$

382,576

Financing

Financing lease liability

 

111,513

 

107,632

Long-term

  

 

  

 

  

Operating

Long-term portion of operating leases liability

 

5,683,192

 

5,794,096

Financing

Long-term portion of financing leases liability

 

78,987

 

109,500

$

6,303,199

$

6,393,804

The following tables summarize quantitative information about the Company’s leases for the three months ended December 31, 2021 and 2020:

 

Three Months Ended December 31, 

    

2021

    

2020

Operating cash flows - operating lease

176,578

$

Operating cash flows - financing leases

3,807

Financing cash flows - financing leases

26,632

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

 

Finance lease assets obtained in exchange for finance lease liabilities

As of December 31, 

 

    

2021

 

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

 

9.58

Weighted-average discount rate – operating lease

 

7.3

%

Weighted-average remaining lease term - financing leases (in years)

1.7

Weighted-average discount rate - financing leases

7.3

%

Three Months Ended

December 31, 

    

2021

    

2020

Operating leases

 

  

 

  

Operating lease cost

$

216,204

$

Variable lease costs

Operating lease cost

216,204

Short-term lease rent expense

 

13,716

 

28,026

Financing leases

Amortization of leased assets

28,238

Interest on lease liabilities

3,807

Financing lease cost

32,045

Net lease cost

$

261,965

$

28,026

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

As of December 31, 2021, future minimum lease payments under the non-cancelable leases were as follows:

Operating

Financing

    

Lease

Leases

Nine Months Ending September 30, 2022

646,083

121,752

Year Ending September 30, 2023

 

867,367

111,606

Year Ending September 30, 2024

 

874,320

Year Ending September 30, 2025

 

881,391

Year Ending September 30, 2026

 

888,627

Thereafter

 

4,401,029

Total

 

8,558,817

233,358

Less present value discount

 

(2,446,118)

(42,858)

Operating lease liabilities

$

6,112,699

$

190,500