| Summary of quantitative information about the leases |
At December 31, 2021 and September 30, 2021, ROU assets and lease liabilities were as follows:
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As of December 31, |
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As of September 30, |
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2021 |
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2021 |
Assets: |
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Classification |
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Operating lease right-of-use-asset |
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Operating lease asset |
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$ |
5,841,696 |
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$ |
5,945,295 |
Financing lease right-of-use-asset |
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Equipment, net |
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|
188,252 |
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216,490 |
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$ |
6,029,948 |
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$ |
6,161,785 |
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Liabilities: |
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Current |
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Classification |
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Operating |
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Operating lease liability |
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$ |
429,507 |
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$ |
382,576 |
Financing |
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Financing lease liability |
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|
111,513 |
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|
107,632 |
Long-term |
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Operating |
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Long-term portion of operating leases liability |
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5,683,192 |
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5,794,096 |
Financing |
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Long-term portion of financing leases liability |
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|
78,987 |
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|
109,500 |
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$ |
6,303,199 |
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$ |
6,393,804 |
The following tables summarize quantitative information about the Company’s leases for the three months ended December 31, 2021 and 2020:
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Three Months Ended December 31, |
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2021 |
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2020 |
Operating cash flows - operating lease |
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176,578 |
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$ |
— |
Operating cash flows - financing leases |
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|
3,807 |
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|
— |
Financing cash flows - financing leases |
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|
26,632 |
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— |
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Right-of-use asset obtained in exchange for operating lease liabilities |
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— |
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— |
Finance lease assets obtained in exchange for finance lease liabilities |
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— |
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— |
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As of December 31, |
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2021 |
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Weighted-average remaining lease term – operating lease (in years) |
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9.58 |
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Weighted-average discount rate – operating lease |
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7.3 |
% |
Weighted-average remaining lease term - financing leases (in years) |
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1.7 |
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Weighted-average discount rate - financing leases |
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7.3 |
% |
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Three Months Ended |
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December 31, |
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2021 |
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2020 |
Operating leases |
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Operating lease cost |
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$ |
216,204 |
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$ |
— |
Variable lease costs |
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— |
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|
— |
Operating lease cost |
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216,204 |
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— |
Short-term lease rent expense |
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13,716 |
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|
28,026 |
Financing leases |
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Amortization of leased assets |
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28,238 |
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— |
Interest on lease liabilities |
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|
3,807 |
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— |
Financing lease cost |
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|
32,045 |
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— |
Net lease cost |
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$ |
261,965 |
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$ |
28,026 |
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| 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:
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Operating |
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Financing |
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Lease |
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Leases |
Nine Months Ending September 30, 2022 |
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646,083 |
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|
121,752 |
Year Ending September 30, 2023 |
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|
867,367 |
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|
111,606 |
Year Ending September 30, 2024 |
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|
874,320 |
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|
— |
Year Ending September 30, 2025 |
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|
881,391 |
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— |
Year Ending September 30, 2026 |
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888,627 |
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|
— |
Thereafter |
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4,401,029 |
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— |
Total |
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8,558,817 |
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|
233,358 |
Less present value discount |
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(2,446,118) |
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(42,858) |
Operating lease liabilities |
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$ |
6,112,699 |
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$ |
190,500 |
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