Annual report pursuant to Section 13 and 15(d)

Right-of-Use Asset and Operating Lease Liability

v3.21.4
Right-of-Use Asset and Operating Lease Liability
 12 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Right-of-Use Asset and Operating Lease Liability Right-of-Use Asset and Operating Lease Liability
The Company has entered into operating leases consisting principally of its airport and heliport terminals.
At the inception of a contract, the Company will assess whether the contract is, or contains, a lease. The Company's assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset.
The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The Company’s incremental borrowing rate used for all leases under ASC 842 was 5.00%, the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The lease term for the Company’s leases include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. ROU assets, once recorded, are reviewed for impairment.
Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.
Balance sheet information related to the Company’s leases is presented below:
As of September 30,
2021

2020
Operating leases:
Operating right-of-use asset
 $ 654  $ 737 
Operating lease liability, current
 431  430 
Operating lease liability, long term
 222  291 
The following provides details of the Company’s lease expense:
For the Years Ended
September 30,
2021 2020 2019
Lease cost:
Short-term lease cost
 $ 161  $ 60  $ 340 
Operating lease cost
 455  421  109 
Total
 $ 616  $ 481  $ 449 
Other information related to leases is presented below:
As of September 30,

2021
Weighted-average discount rate – operating lease
 5.00%
Weighted-average remaining lease term – operating lease (in months)
 21
As of September 30, 2021, the expected annual minimum lease payments for the Company’s operating lease liabilities are as follows:
For the Year Ended September 30,
2022
 $ 425 
2023 193 
2024 66 
Total future minimum lease payments, undiscounted
 684 
Less: Imputed interest for leases in excess of one year
 (31)
Present value of future minimum lease payments
 $ 653