Lease Recognition (Tables)

12 Months Ended

Sep. 30, 2020

Lease Recognition

Schedule of impact of the adoption of ASU 2016-02 on the balance sheet

The impact of the adoption of ASU 2016-02 on the balance sheet as of October 1, 2019 was:

	As Reported				Balance
	September 30, 2019		Increase		October 1, 2019
Operating lease right-of-use assets	$	—	$	130,018	$	130,018
Total assets		38,557,025		130,018		38,687,043
Operating lease liabilities		—		84,892		84,892
Total current liabilities		2,219,222		84,892		2,304,114
Operating lease liabilities non-current		—		45,126		45,126
Total liabilities		2,348,873		45,126		2,393,999
Total liabilities and equity		38,557,025		130,018		38,687,043

Schedule of future minimum lease payments under operating leases

Future minimum lease payments under operating leases are as follows at September 30, 2019:

	Twelve Months
	Ending	Operating
	September 30,	Leases
	2020	$	86,822
	2010		47,988
Total minimum lease payments		$	134,810
Amount representing interest			(4,792)
Present value of minimum lease payments			130,018
Current portion			(84,892)
Long-term portion of lease obligations		$	45,126

Future minimum lease payments under operating leases are as follows at September 30, 2020:

	Twelve Months
	Ending	Operating
	September 30,	Leases
	2021	$	47,988
Total minimum lease payments		$	47,988
Amount representing interest			(2,862)
Present value of minimum lease payments			45,126
Current portion			(45,126)
Long-term portion of lease obligations		$	—