The Company has elected not to record operating right-of-use assets or operating lease liabilities on its consolidated balance sheet for leases having a minimum term of 12 months or less. Such leases are expensed on a straight-line basis over the lease term. Variable lease payments are excluded from the measurement of operating right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As of March 31, 2022, the Company has two operating right-of-use assets related to leased facilities in Austin, Texas and Melbourne, Florida.

Maturities of the operating lease liabilities as of March 31, 2022 were as follows: (in thousands):


For fiscal years ending September 30,
2022 (remainder)	$	143
2023		270
2024		278
2025		186
2026		130
Thereafter		225
Future minimum lease payments		1,232
Less interest		(97	)
Present value of minimum lease payments		1,135
Less current portion		(233	)
Long-term portion	$	902

Lease costs recognized in the consolidated statements of operations for the three and six months ended March 31, 2022 and 2021 were as follows (in thousands):


	Three Months Ended				Six Months Ended
	March 31, 2022		March 31, 2021		March 31, 2022		March 31, 2021
Right-of-use operating lease costs	$	68	$	73	$	136	$	111
Short-term lease costs		52		66		96		140
Total	$	120	$	139	$	232	$	251

Right-of use operating lease costs and short-term lease costs are included as a component of total operating expenses.


	Six Months Ended
	March 31, 2022			March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	119		$	91
Operating lease assets obtained in exchange for new lease liabilities		—			1,336

Weighted average remaining lease term	5.1 years			6.0 years
Weighted average discount rate		3.25	%		3.25	%

The discount rate used on the operating right-of-use assets represented the Company’s incremental borrowing rate at lease inception.

The Company leases equipment to customers primarily for terms of six months or less. The majority of the Company’s rental revenue is generated from its marine-based wireless seismic data acquisition system.

All of the Company’s leasing arrangements as lessor are classified as operating leases, except for one sales-type lease. See Note 5 for more information on the Company’s sales-type lease.

The Company regularly evaluates the collectability of its lease receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer, historical trends of the customer and current economic conditions. The Company suspends revenue recognition when the collectability of amounts due are no longer probable and concurrently records a direct write-off of the lease receivable to rental revenue and limits future rental revenue recognition to cash received. As of March 31, 2022, the Company’s trade accounts receivables included lease receivables of $2.0 million.

Rental revenue related to leased equipment for the three and six months ended March 31, 2022 was $3.1 million and $8.0 million, respectively. Rental revenue related to leased equipment for the three and six months ended March 31, 2021 was $2.3 million and $4.0 million, respectively.

Future minimum lease obligations due from the Company’s leasing customers on operating leases executed as of March 31, 2022 were $8.3 million. An additional operating lease was executed in April 2022 with future minimum lease obligations due to the Company of $3.0 million. All future minimum lease obligations are expected to be due in fiscal year 2022.

Rental equipment consisted of the following (in thousands):


	March 31, 2022			September 30, 2021
Rental equipment, primarily wireless recording equipment	$	85,203		$	95,827
Accumulated depreciation and impairment		(52,744	)		(56,922	)
	$	32,459		$	38,905

During the first quarter of fiscal year 2022, the Company leased a portion of its property located in Calgary, Alberta, Canada and fully leased its warehouse in Bogotá, Colombia. The lease in Canada commenced in November 2021 and is for a five-year term. The lease on the warehouse in Bogotá commenced in December 2021 and is for a one-year term.

Rental revenue related to these two property leases for the three and six months ended March 31, 2022 was $51,000 and $81,000, respectively.

Future minimum lease payments due to the Company as of March 31, 2022 on these two leases were as follows (in thousands):


For fiscal years ending September 30,
2022 (remainder)	$	98
2023		136
2024		128
2025		131
2026		132
Thereafter		11
	$	636