Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases

7. Leases

 

The Company adopted ASC 842 - Leases 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 year ended September 30, 2020 are as follows:

 

Lease expense        
Operating lease expense   $ 68,108  
Short-term lease expense     57,756  
Total lease cost   $ 125,864  

 

At September 30, 2020, the weighted-average remaining lease term was 2.3 years and the weighted average discount rate was 12%.

 

Cash flow information related to operating leases for the year ended September 30, 2020 is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 66,834  

 

Future minimum lease payments under non-cancellable leases at September 30, 2020 are as follows:

 

Fiscal year        
2021   $ 101,516  
2022     103,440  
2023     34,695  
Total undiscounted lease payments     239,651  
Less: imputed interest     (32,459 )
Total lease liabilities   $ 207,192