Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

Commitments and Contingencies
12 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
13. Commitments and Contingencies



The Company leases space for all its branch offices, which are generally located either in downtown or suburban business centers, and for its corporate headquarters. Branch offices are generally leased over periods ranging from three to five years. The corporate office lease expires in 2020. The leases generally provide for payment of basic rent plus a share of building real estate taxes, maintenance costs and utilities.


Rent expense was approximately $3.1 million and $2.6 million for fiscal 2018 and fiscal 2017, respectively.


As of September 30, 2018, future minimum lease payments due under non-cancelable lease agreements having initial terms in excess of one year, including certain closed offices are as follows:


Fiscal 2019     2,247  
Fiscal 2020     1,308  
Fiscal 2021     668  
Fiscal 2022     622  
Fiscal 2023     426  
Thereafter     562  
Total   $ 5,833  


SNI Merger Consideration Held in the Working Capital Reserve Fund


As of September 30, 2018, the SNI Merger Consideration held in the Working Capital Reserve Fund of $1.5 million was reduced by $0.6 million (“NWC Adjustment Amount”), following completion of the process provided for in the Merger Agreement, in which an independent accounting firm (the “firm”) was engaged to review related working capital-related claims made by the Company against such funds. As a result of the firm’s findings, the Company has recognized and reported a corresponding gain in its consolidated statement of operations for the fiscal year ended September 30, 2018.