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Note 4 - Right-of-use (ROU) Asset
6 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

Note 4 – Right-of-Use (ROU) Asset

 

At the beginning of fiscal 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) which requires that all leases be recognized by lessees on the balance sheet through a right-of-use (ROU) asset and corresponding lease liability, including today’s operating leases. There has been no significant impact on the Company’s financial condition, results of operations or disclosures. At March 31, 2021, the Company recorded a right-of-use asset and lease liability of approximately $205,000 for its operating office and equipment leases, including approximately $98,000 beyond one year.  Operating office and equipment leases are included in operating lease ROU assets, current accrued liabilities and long-term accrued liabilities in the Company’s accompanying Consolidated Balance Sheets.