|12 Months Ended|
Sep. 30, 2022
In December 2019, the Company entered a 36-month lease for office space in Princeton, New Jersey, which commenced February 1, 2020. In May 2022, the Company amended the existing lease agreement in order to increase the lease term by approximately three years, which has been accounted for as a lease modification. The operating lease right-of-use asset and liability were remeasured at the modification date, resulting in an increase to both balances of $0.2 million.
The components of lease expense for the years ended September 30, 2022 and 2021 are as follows:
Schedule of Lease Expenses
At September 30, 2022, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 12%.
Cash flow information related to operating leases for the years ended September 30, 2022 and 2021 is as follows:
Schedule of Operating Lease Liabilities
Sonnet BioTherapeutics Holdings, Inc.
Notes to Consolidated Financial Statements
Future minimum lease payments under non-cancellable leases at September 30, 2022 are as follows:
Schedule of Future Minimum Lease Payments
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef