Leases

3 Months Ended

Dec. 31, 2023

Our leases consist primarily of office and construction equipment. All of our future lease obligations are related to non-cancelable operating leases. The following table provides a summary of lease cost components for the three months ended December 31, 2023 and 2022, respectively (in thousands):


	Three months ended December 31,
Lease Cost	2023		2022
Operating lease cost	$	256	$	378
Less: sublease income	—		(162)
Variable lease cost(1)	30		108
Short-term lease cost(2)	400		387
Total lease cost	$	686	$	711

(1) Variable lease cost represents common area maintenance charges related to our Canadian office space lease.

(2) Short-term lease cost includes leases and rentals with initial terms of one year or less.

We recognize operating lease assets and operating lease liabilities representing the present value of the remaining lease payments for leases with initial terms greater than twelve months. Leases with initial terms of twelve months or less are not recorded in our Condensed Consolidated Balance Sheets. The following table provides a summary of the operating lease assets and operating lease liabilities included in our Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023, respectively (in thousands):


Operating Leases	December 31, 2023		September 30, 2023
Assets:
Operating lease assets, net	$	1,218	$	1,436
Liabilities:
Current operating lease liabilities	645		773
Long-term operating lease liabilities	573		663
Total lease liabilities	$	1,218	$	1,436

The following table provides the maturities of our operating lease liabilities as of December 31, 2023 (in thousands):


	Operating Leases
Remainder of 2024	$	550
2025	370
2026	180
2027	147
2028	19
Thereafter	—
Total future minimum lease payments	$	1,266
Less: present value discount (imputed interest)	(48)
Present value of lease liabilities	$	1,218

The weighted average discount rate as of December 31, 2023 was 3.4%. The weighted average remaining lease term was 2.61 years at December 31, 2023.