LEASE LIABILITIES (Tables)
|
12 Months Ended |
Sep. 30, 2022 |
|---|
| Lease Liabilities |
|
| SCHEDULE OF FINANCIAL LEASE RIGHT-OF-USE ASSETS |
Financing
lease right-of-use assets (“Financing ROU”) is summarized below:
SCHEDULE
OF FINANCIAL LEASE RIGHT-OF-USE ASSETS
| | |
September
30, 2022 | | |
September
30,
2021 | |
| | |
| | |
| |
| Financing
ROU assets | |
$ | 231,841 | | |
$ | 231,841 | |
| Less
accumulated depreciation | |
| (166,887 | ) | |
| (120,518 | ) |
| Balance
of Financing ROU assets | |
$ | 64,954 | | |
$ | 111,323 | |
|
| SCHEDULE OF FINANCING LEASE LIABILITY RELATED TO FINANCING RIGHT-OF-USE ASSETS |
Financing
lease liability related to the Financing ROU assets is summarized below:
SCHEDULE OF FINANCING LEASE LIABILITY RELATED TO FINANCING RIGHT-OF-USE ASSETS
| | |
September
30, 2022 | | |
September
30,
2021 | |
| | |
| | |
| |
| Financing
lease payables for equipment | |
$ | 231,841 | | |
$ | 231,841 | |
| Total
financing lease payables | |
| 231,841 | | |
| 231,841 | |
| Payments
of financing lease liabilities | |
| (143,456 | ) | |
| (95,726 | ) |
| Total | |
| 88,385 | | |
| 136,115 | |
| Less:
short term portion | |
| (53,995 | ) | |
| (47,730 | ) |
| Long
term portion | |
$ | 34,390 | | |
$ | 88,385 | |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER FINANCING LEASE |
Future
minimum lease payments under the financing lease agreements on September 30, 2022 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS UNDER FINANCING LEASE
| Years
ending September 30, | |
Amount | |
| | |
| |
| 2023 | |
$ | 62,762 | |
| 2024 | |
| 31,900 | |
| 2025 | |
| 4,185 | |
| Total
minimum financing lease payments | |
| 98,846 | |
| Less:
discount to fair value | |
| (10,461 | ) |
| Total
financing lease payable on September 30, 2022 | |
$ | 88,385 | |
|
| SCHEDULE OF OPERATING RIGHT-OF-USE ASSET |
Operating
Right-of-use asset (“ROU”) is summarized below:
SCHEDULE OF OPERATING RIGHT-OF-USE ASSET
| | |
September
30, 2022 | | |
September
30, 2021 | |
| | |
| | |
| |
| Operating
office lease | |
$ | 1,212,708 | | |
$ | 231,337 | |
| Less
accumulated reduction | |
| (57,847 | ) | |
| (62,673 | ) |
| Balance
of Operating ROU asset | |
$ | 1,154,861 | | |
$ | 168,664 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY RELATED TO RIGHT-OF-USE ASSETS |
Operating
lease liability related to the ROU asset is summarized below:
SCHEDULE OF OPERATING LEASE LIABILITY RELATED TO RIGHT-OF-USE ASSETS
| | |
September
30, 2022 | | |
September
30,
2021 | |
| | |
| | |
| |
| Operating
office lease | |
$ | 1,212,708 | | |
$ | 231,337 | |
| Total
operating lease liability | |
| 1,212,708 | | |
| 231,337 | |
| Reduction
of operating lease liability | |
| (29,396 | ) | |
| (54,444 | ) |
| Total | |
| 1,183,312 | | |
| 176,893 | |
| Less:
short term portion | |
| (25,551 | ) | |
| (42,411 | ) |
| Long
term portion | |
$ | 1,157,761 | | |
$ | 134,482 | |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE |
Future
base lease payments under the non-cancellable operating lease on September 30, 2022 are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS OF OPERATING LEASE
| Years
ending September 30, | |
Amount | |
| | |
| |
| 2023 | |
$ | 119,310 | |
| 2024 | |
| 122,893 | |
| 2025 | |
| 126,580 | |
| 2026 | |
| 130,377 | |
| 2027
and thereafter | |
| 1,549,130 | |
| Total
minimum non-cancellable operating lease payments | |
| 2,048,290 | |
| Less:
discount to fair value | |
| (864,978 | ) |
| Total
operating lease liability on September 30, 2022 | |
$ | 1,183,312 | |
|