Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.22.4
Property and Equipment, Net
 6 Months Ended
Dec. 31, 2022
Property and Equipment, Net [Abstract]  
Property and Equipment, net

Note 6. Property and Equipment, net

 

Property and equipment, net consisted of the following as of December 31, 2022 and June 30, 2022 (in thousands):

 

    Estimated
Useful Life		   December 31,
2022		     June 30,
2022		  
Land   n/a   $ 1,000     $ 1,000  
Building and leasehold improvements   *     8,782       7,715  
Equipment   2-10 years     63,918       57,750  
Computer Equipment & Software   3-5 years     2,417       1,966  
Total         76,117       68,431  
Less: Accumulated Depreciation         (21,648 )     (17,274 )
Total       $ 54,469     $ 51,157  

 

(*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.  Buildings are amortized on a straight-line basis between 11 and 39 years.

 

The Company recorded depreciation expense of $2.3 million and $1.6 million for the three months ended December 31, 2022 and 2021, respectively. The Company recorded depreciation expense of $4.4 million and $3.1 million for the six months ended December 31, 2022 and 2021, respectively.

 

As of December 31, 2022, 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, 2022, fixed assets with a net book value totaling $14.5 million had not been placed in service and therefore was not depreciated during the period.