Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.10.0.1
Property and Equipment
 6 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 4. Property and Equipment

 

Property and equipment consisted of the following as of December 31, 2018 and June 30, 2018:

 

 

Estimated  

Useful Life  

  

December 31,  

2018  

    

June 30,  

2018 

 

 

 

 
Land   n/a   $ 1,000,000     $ 1,000,000  
Building   11 years     3,000,000       3,000,000  
Equipment   2-10 years     10,383,556       9,126,755  
Other    *     1,550,302       1,057,854  
          15,933,858       14,184,609  
Less: Accumulated depreciation         (2,551,301 )     (1,364,440 )
Total       $ 13,382,557     $ 12,820,169  

 

(*) Useful lives vary from 3-10 years, as well as leasehold improvements which are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.

 

The Company recorded depreciation expense of $608,677 and $237,109 for the three months ended December 31, 2018 and 2017, respectively.

 

The Company recorded depreciation expense of $1,186,861 and $470,419 for the six months ended December 31, 2018 and 2017, respectively.