Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.21.1
Property and Equipment, net
 9 Months Ended
Mar. 31, 2021
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 March 31, 2021 and June 30, 2020 (in thousands):


    Estimated
Useful Life		   March 31,
2021		     June 30,
2020		  
Land   n/a   $ 1,000     $ 1,000  
Building   11 years     3,000       3,000  
Equipment   2-10 years     32,098       24,746  
Leasehold Improvements   *     1,815       964  
Software   3 years     479       294  
Furniture & Fixtures   5 years     11       11  
Computer Equipment   3 years     286       267  
Total         38,689       30,282  
Less: Accumulated Depreciation         (9,934 )     (6,677 )
Total       $ 28,755     $ 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 $1.2 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. The Company recorded depreciation expense of $3.3 million and $2.2 million for the nine months ended March 31, 2021 and 2020, respectively.


As of March 31, 2021, equipment with a net book value totaling $7.0 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.