Leases (Tables)
|
12 Months Ended |
Sep. 30, 2022 |
|---|
| Leases |
|
| Schedule of ROU assets and lease liabilities |
|
|
|
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|
|
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|
|
As of September 30, |
|
|
|
|
2022 |
|
|
2021 |
Assets: |
|
Classification |
|
|
|
|
|
|
Operating lease right-of-use-asset |
|
Operating lease asset |
|
$ |
5,614,698 |
|
$ |
5,945,295 |
Financing lease right-of-use-asset |
|
Equipment, net |
|
|
103,538 |
|
|
216,490 |
|
|
|
|
$ |
5,718,236 |
|
$ |
6,161,785 |
|
|
|
|
|
|
|
|
|
Liabilities: |
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|
|
|
|
|
|
|
Current |
|
Classification |
|
|
|
|
|
|
Operating |
|
Operating lease liability |
|
$ |
553,066 |
|
$ |
382,576 |
Financing |
|
Financing lease liability |
|
|
107,632 |
|
|
107,632 |
Long-term |
|
|
|
|
|
|
|
|
Operating |
|
Long-term portion of operating leases liability |
|
|
5,335,164 |
|
|
5,794,096 |
Financing |
|
Long-term portion of financing leases liability |
|
|
— |
|
|
109,500 |
|
|
|
|
$ |
5,995,862 |
|
$ |
6,393,804 |
|
| Summary of quantitative information about the leases |
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|
Year Ended September 30, |
|
|
2022 |
|
2021 |
Operating cash flows - operating leases |
|
$ |
901,060 |
|
$ |
128,963 |
Operating cash flows - financing leases |
|
|
12,252 |
|
|
1,376 |
Financing cash flows - financing leases |
|
|
109,500 |
|
|
8,770 |
|
|
|
|
|
|
|
Right-of-use asset obtained in exchange for operating lease liabilities |
|
$ |
164,613 |
|
$ |
6,117,772 |
Finance lease assets obtained in exchange for finance lease liabilities |
|
|
— |
|
|
225,902 |
|
|
|
|
|
|
|
|
As of September 30, |
|
|
|
2022 |
|
2021 |
|
Weighted-average remaining lease term – operating leases (in years) |
|
8.74 |
|
9.83 |
|
Weighted-average discount rate – operating leases |
|
7.3 |
% |
7.3 |
% |
Weighted-average remaining lease term – financing leases (in years) |
|
0.9 |
|
1.9 |
|
Weighted-average discount rate – financing leases |
|
7.3 |
% |
7.3 |
% |
The components of lease expense were as follows:
|
|
|
|
|
|
|
|
|
Year Ended September 30, |
|
|
2022 |
|
2021 |
Operating leases |
|
|
|
|
|
|
Operating lease cost |
|
$ |
943,215 |
|
$ |
360,340 |
Variable lease costs |
|
|
2,400 |
|
|
18,216 |
Total operating lease cost |
|
|
945,615 |
|
|
378,556 |
Short-term lease rent expense |
|
|
40,719 |
|
|
113,158 |
Financing leases |
|
|
|
|
|
|
Amortization of leased assets |
|
|
112,951 |
|
|
9,413 |
Interest on lease liabilities |
|
|
12,252 |
|
|
1,376 |
Financing lease cost |
|
|
125,203 |
|
|
10,789 |
Net lease cost |
|
$ |
1,111,537 |
|
$ |
502,503 |
|
| Summary of future minimum lease payments under the non-cancelable operating lease |
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|
|
|
|
|
|
|
|
Operating |
|
Financing |
|
|
Leases |
|
Leases |
Year Ending September 30, 2023 |
|
$ |
965,367 |
|
$ |
111,606 |
Year Ending September 30, 2024 |
|
|
874,320 |
|
|
— |
Year Ending September 30, 2025 |
|
|
881,391 |
|
|
— |
Year Ending September 30, 2026 |
|
|
888,627 |
|
|
— |
Year Ending September 30, 2027 |
|
|
895,864 |
|
|
— |
Thereafter |
|
|
3,505,166 |
|
|
— |
Total |
|
|
8,010,735 |
|
|
111,606 |
Less present value discount |
|
|
(2,122,505) |
|
|
(3,974) |
Operating lease liabilities |
|
$ |
5,888,230 |
|
$ |
107,632 |
|