v3.25.1
Leases
 6 Months Ended
Mar. 31, 2025
Leases  
Leases

Note 13 – Leases

 

On May 6, 2024, the Company entered into a lease to lease its operating and office facility under a non-cancelable real property lease agreement that expires on May 31, 2026. The real property lease contains provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. As the Company’s leases do not provide implicit discount rates, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

 

The components of lease expense were as follows:

 

   For the   For the 
   Six Months Ended   Six Months Ended 
   March 31,   March 31, 
   2025   2024 
         
Operating lease cost  $20,236   $- 
Total net lease cost  $20,236   $- 

 

Supplemental balance sheet information related to leases was as follows:

  

   March 31,   September 30, 
   2025   2024 
Operating leases:          
Operating lease assets  $44,914   $57,006 
           
Current portion of operating lease liabilities   38,894   $36,428 
Noncurrent operating lease liabilities   6,842    26,838 
Total operating lease liabilities  $45,736   $63,266 
           
Weighted average remaining lease term:          
Operating leases   1.17 years    1.75 years 
           
Weighted average discount rate:          
Operating leases   7.9%   7.9%

 

 

Supplemental cash flow and other information related to leases was as follows:

  

   For the   For the 
   Six Months Ended   Six Months Ended 
   March 31,   March 31, 
   2025   2024 
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows used for operating leases  $17,530   $- 
Financing cash flows used for finance leases  $-   $- 
           
Leased assets obtained in exchange for lease liabilities:          
Total operating lease liabilities  $-   $- 
Total finance lease liabilities  $-   $- 

 

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities on a fiscal year basis, including common area maintenance fees, under non-cancelable operating leases as of March 31, 2025:

  

Fiscal Year Ending  Minimum Lease 
March 31,  Commitments 
2025 (6 months)  $20,400 
2026   27,639 
2027   - 
2028   - 
2029   - 
Total future undiscounted lease payments   48,039 
Less interest   (2,303)
Present value of lease payments   45,736 
Less current portion   38,894 
Long-term operating lease liabilities  $6,842