Quarterly report [Sections 13 or 15(d)]

Note 6 - Fixed Assets

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Note 6 - Fixed Assets
 6 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

Note 6 – Fixed Assets

 

We record equipment, furniture and fixtures, and leasehold improvements at historical cost. Expenditures for maintenance and repairs are recorded to expense. Depreciation and amortization are primarily computed using the straight-line method. Depreciation and amortization are computed over the estimated useful lives of the respective assets. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining lease term or the estimated useful lives of the improvements.

 

Property and equipment consisted of the following at March 31, 2026 and September 30, 2025:

 

   

Estimated

    

March 31,

    

September 30,

  
   

Useful Life (in years)

    

2026

    

2025

  

Property and equipment:

                        

Office equipment, furniture and fixtures

     3 - 7     $ 765,911     $ 765,911  

Leasehold improvements

     8       199,532       199,532  

Total property and equipment

             965,443       965,443  

Less: accumulated depreciation and amortization

             (657,022 )     (600,635 )

Property and equipment, net

           $ 308,421     $ 364,808  

 

Depreciation expense was approximately $28,000 and $29,000 for the three months ended March 31, 2026 and 2025, respectively.