Leases |
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| Leases | Note 9 – Leases The Company leases certain equipment under non-cancelable operating leases. Future minimum rental payments under these leases at March 31, 2025 were immaterial. On August 28, 2020, the Company entered into a three-year operating lease for property related to manufacturing and warehousing. The lease term was for the period from September 1, 2020 through August 31, 2023. In accordance with ASU No. 2016-02, the Company recorded a right-of-use No. 2016-02, the Company recorded a ROU asset totaling $352,000 and related lease liabilities upon extension. In March 2024, the Company extended the lease term through August 31, 2025. In accordance with ASU No. 2016-02, the Company recorded a ROU asset totaling $361,000 and related lease liabilities upon extension. In March 2025, the Company extended the lease term through August 31, 2026. In accordance with ASU No. 2016-02, the Company recorded a ROU asset totaling $370,000 and related lease liabilities upon extension. For the quarter and six months ended March 31, 2025, operating lease costs related to these operating leases were $112,000 and $224,000, respectively, and cash payments related to these operating leases were $112,000 and $193,000, respectively. For the quarter and six months ended March 31, 2024, operating lease costs and cash payments related to operating leases were $109,000 and $218,000, respectively. Other information concerning the Company’s operating leases accounted for under ASC 842 guidelines as of March 31, 2025 and September 30, 2024, is as follows:
Future annual minimum lease payments as of March 31, 2025 are as follows:
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