Leases |
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| Leases |
7. Leases
The Company adopted ASC 842 - Leases on October 1, 2019. Through September 30, 2019, the Company’s leases consisted of leased office space under various operating leases with terms of one year or less. These leases qualified as short-term leases and as such, there was no cumulative impact from the adoption of ASC 842.
In December 2019, the Company entered a 36-month lease for office space in Princeton, New Jersey, which commenced February 1, 2020. At that time, the Company terminated its existing month-to-month leases for office space.
The components of lease expense for the year ended September 30, 2020 are as follows:
At September 30, 2020, the weighted-average remaining lease term was 2.3 years and the weighted average discount rate was 12%.
Cash flow information related to operating leases for the year ended September 30, 2020 is as follows:
Future minimum lease payments under non-cancellable leases at September 30, 2020 are as follows:
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