Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.23.1
Property and Equipment, Net
 9 Months Ended
Mar. 31, 2023
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 March 31, 2023 and June 30, 2022 (in thousands):

 

    Estimated
Useful Life		   March 31,
2023		     June 30,
2022		  
Land   n/a   $ 1,000     $ 1,000  
Building and leasehold improvements   *     8,779       7,715  
Equipment   2-10 years     69,598       57,750  
Computer Equipment & Software   3-5 years     2,012       1,966  
Total         81,389       68,431  
Less: Accumulated Depreciation         (24,076 )     (17,274 )
Total       $ 57,313     $ 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 $2.4 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively. The Company recorded depreciation expense of $6.8 million and $4.8 million for the nine months ended March 31, 2023 and 2022, respectively.

 

As of March 31, 2023, equipment with a net book value totaling $5.8 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.