Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.20.4
Property and Equipment, net
 6 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 5. Property and Equipment, net


Property and equipment, net consisted of the following as of December 31, 2020 and June 30, 2020 (in thousands):


    Estimated
Useful Life		   December 31,
2020		     June 30,
2020		  
Land   n/a   $ 1,000     $ 1,000  
Building   11 years     3,000       3,000  
Equipment   2-10 years     27,689       24,746  
Leasehold Improvements   *     1,550       964  
Software   3 years     294       294  
Furniture & Fixtures   5 years     11       11  
Computer Equipment   3 years     281       267  
Total         33,825       30,282  
Less: Accumulated Depreciation         (8,745 )     (6,677 )
Total       $ 25,080     $ 23,605  

(*) Leasehold improvements 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 $1.1 million and $0.7 million for the three months ended December 31, 2020 and 2019, respectively. The Company recorded depreciation expense of $2.1 million and $1.4 million for the six months ended December 31, 2020 and 2019, respectively.


As of December 31, 2020, equipment with a net book value totaling $3.8 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2020, fixed assets with a net book value totaling $5.6 million had not been placed in service and therefore was not depreciated during the period.