Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Jun. 30, 2020
Leases [Abstract]  
(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 nine months ended June 30, 2020 are as follows:


Lease expense      
Operating lease expense   $ 42,567  
Short-term lease expense     51,171  
Total lease cost   $ 93,738  


At June 30, 2020, the weighted-average remaining lease term was 2.6 years and the weighted average discount rate was 12%.


Cash flow information related to operating leases for the nine months ended June 30, 2020 is as follows:


Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases   $ 41,771  


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


Fiscal year      
2020 (excluding the nine months ended June 30, 2020)   $ 25,063  
2021     101,516  
2022     103,440  
2023     34,695  
 Total undiscounted lease payments     264,714  
Less: imputed interest     (38,854 )
Total lease liabilities   $ 225,860