|9 Months Ended|
Jun. 30, 2021
The Company adopted ASC 842, “Leases” (“ASC 842”), on October 1, 2019. Through September 30, 2019, the Company’s leases consisted of leased office space under various operating leases with terms of one year or less. These leases qualified as short-term leases and as such, there was no cumulative impact from the adoption of ASC 842.
In December 2019, the Company entered a 36-month lease for office space in Princeton, New Jersey, which commenced February 1, 2020. At that time, the Company terminated its existing month-to-month leases for office space.
The components of lease expense for the nine months ended June 30, 2021 are as follows:
Schedule of Lease Expenses
At June 30, 2021, the weighted-average remaining lease term was 1.58 years and the weighted average discount rate was 12%.
Cash paid for amounts included in the measurement of lease liabilities:
Schedule of Operating Lease Liabilities
Future minimum lease payments under non-cancellable leases at June 30, 2021 are as follows:
Schedule of Future Minimum Lease Payments
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef