The weighted average remaining lease term is 8.43 years. The Company’s weighted average discount rate is 6.5%. Total cash payments for the year ended September 30, 2021 were approximately $9.7 million. During July 2020, the Company entered into a lease agreement for office space in Nevada with an initial lease term through November 30, 2025.

During the year ended September 30, 2020, the Company recorded a net gain on lease settlement of approximately $307,000, which consisted of impairment charges of approximately $614,000 related to the decision to close additional ApplianceSmart retail locations resulting in a decrease to the associated right of use asset related to these leases, offset by a gain on lease settlement of approximately $921,000 resulting from the extinguishment of the lease liability associated with the closed retail locations. There were no such transactions during the year ended September 30, 2021.