Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.3
Leases
 12 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases
Note 11. Leases
The Company determines whether an arrangement is a lease at inception. The Company’s leases consist of operating lease arrangements for certain office space, tractor leases and IT facilities. When these lease arrangements include lease and non-lease components, the Company accounts for lease components and non-lease components (e.g., common area maintenance) separately based on their relative standalone prices.
Any lease arrangements with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets, and it recognizes lease cost for these lease arrangements on a straight-line basis over the applicable lease term. Many lease arrangements provide the options to exercise one or more renewal terms or to terminate the lease arrangement. When the options are reasonably certain to be exercised the Company includes these options when it will be reasonably certain to exercise them in the lease term used to establish the right-of-use assets and lease liabilities. Generally, lease agreements do not include an option to purchase the leased asset, residual value guarantees or material restrictive covenants.
As most of our lease arrangements do not provide an implicit interest rate, the Company applies an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments.
No lease costs associated with finance leases and sale-leaseback transactions occurred and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements.
Our operating leases are reported in our Consolidated Balance Sheets as follows:
(in thousands) Classification September 30,
2024		 September 30,
2023
Operating lease components
Right-of-use assets – non-current Other non-current assets $ 293  $ 523 
Current lease liabilities Other current liabilities $ 153  $ 254 
Non-current lease liabilities Other liabilities $ 170  $ 305 
Our operating leases cost components are reported in our Consolidated Statements of Operations as follows:
(in thousands) Classification September 30,
2024		 September 30,
2023
Operating lease components
Operating lease costs General and administrative expenses $ 148  $ 128 
Future maturities of our operating lease obligations as of September 30, 2024, by year, are as follows:
(in thousands)
2025 $ 159 
2026 145 
2027 31 
2028 — 
2029 — 
Total noncancelable future lease obligations $ 335 
Less: Interest (12)
Present value of lease obligations $ 323 
September 30, 2024
Weighted-average remaining lease term 1.90 years
Weighted-average discount rate 5.46%
Cash flow information related to leases consists of the following:
(in thousands) September 30,
2024		 September 30,
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 155  $ 211 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ —  $ 184