Annual report pursuant to Section 13 and 15(d)

Property and equipment

v3.21.2
Property and equipment
 12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 5. Property and equipment

 

Property and equipment consisted of the following as of June 30, 2021 and 2020 (in thousands):

 

    June 30,
2021		     June 30,
2020		     Estimated
Useful Life
Land   $ 1,000     $ 1,000     n/a
Building     3,000       3,000     11 years
Equipment     35,120       24,746     2-10 years
Leasehold Improvements     1,946       964    
*
Software     580       294     3 years
Furniture & Fixtures     73       11     5 years
Computer Equipment     310       267     3 years
Total     42,029       30,282      
Less: Accumulated depreciation     (11,299 )     (6,677 )    
Total   $ 30,730     $ 23,605      

 

(*) 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 $4.6 million and $3.0 million for the years ended June 30, 2021 and 2020, respectively.

 

As of June 30, 2021, equipment with a net book value totaling $4.9 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.