LEASES

12 Months Ended

Sep. 30, 2022

Leases

LEASES

NOTE 12      LEASES

The Company’s operating leases are primarily for corporate, engineering and administrative office space. Total operating lease expense in Fiscal 2022 was $631,000, of which $57,000 was recorded in sales and marketing expenses and $574,000 was recorded in general and administrative expenses on the consolidated statements of operations.  Total operating lease expense in Fiscal 2021 was $611,000, of which $55,000 was recorded in sales and marketing expenses and $556,000 was recorded in general and administrative expenses on the consolidated statements of operations. Cash paid for amounts included in operating lease liabilities in Fiscal 2022 and Fiscal 2021, which have been included in cash flows from operating activities, was $601,000 and $489,000, respectively.

At September 30, 2022, the Company’s operating leases had a weighted average remaining lease term of 8.4 years and a weighted average discount rate of 5.7%.

Future minimum payments under non-cancellable operating leases are as follows:  

Fiscal 2023	$	575,000
Fiscal 2024		592,000
Fiscal 2025		556,000
Fiscal 2026		510,000
Fiscal 2027		419,000
Thereafter		1,979,000
Total future minimum lease payments		4,631,000
Less imputed interest		(1,003,000	)
Total	$	3,628,000