Leases

12 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Lessee, Finance Leases [Text Block]

Note 5: Leases – Lessee

Disclosure Subsequent to the Adoption of the New Lease Accounting Standard (ASU 2016-02). At September 30, 2023, and 2022, finance lease obligations consisted of the following:

	2023		2022
A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,257, including interest at 4.532% per annum, through December 2024.	$	19,483	$	2,837
A 2018 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,154, including interest at 4.644% per annum, through August 2024.		11,366		24,358
A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,162, including interest at 4.181% per annum, through March 2025.		19,525		32,364
A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,151, including interest at 4.101% per annum, through September 2025.		27,044		39,482
A 2020 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,166, including interest at 5.406% per annum, through May 2027.		46,445		57,597
	$	123,863		156,638
Less current portion		(63,978)		(52,256)
Total non-current finance lease obligations	$	59,885		104,382

The following table is a summary of the components of the net lease cost for the years ended September 30, 2023, and 2022, respectively.

	2023		2022
Finance lease cost
Amortization of ROU assets	$	54,240	$	63,678
Interest on lease liabilities		4,956		7,589
Total finance lease cost	$	59,196	$	71,267

Supplemental cash flow information related to leases for the years ended September 30, 2023, and 2022 are as follows.

	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows paid for principal portion of finance leases	$	61,529	$	60,757

Supplemental balance sheet information related to leases September 30, 2023, and 2022 are as follows.

	September 30		September 30
	2023		2022
Finance leases:
Property and equipment, gross	$	434,573	$	405,819
Accumulated amortization		(385,311)		(331,071)
Property and equipment net	$	49,262	$	74,748
Current portion of long-term liabilities	$	63,978	$	52,256
Long-term liabilities, less current portion		59,885		104,382
Total finance liabilities	$	123,863	$	156,638
Weighted average remaining lease term
Finance leases		1.87 years		3.16 years
Weighted average discount rate
Finance leases		4.69%		4.69%

The following table summarized the maturity of the lease liabilities at September 30, 2023.

For the Twelve Months Ending September 30		Finance Lease
2024	$	68,458
2025		39,643
2026		13,992
2027		9,328
2028		-
Thereafter		-
Total minimum lease payments		131,421
Less amount representing interest		(7,558)
Present value of lease payments		123,863
Less current portion		(63,978)
Finance lease obligations, net of current portion	$	59,885