Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.23.3
Property and Equipment, Net
 3 Months Ended
Sep. 30, 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 September 30, 2023 and June 30, 2023 (in thousands):

 

    Estimated
Useful Life		     September 30,
2023		     June 30,
2023		  
Land     n/a     $ 1,000     $ 1,000  
Building and leasehold improvements     *       9,312       9,016  
Equipment     2-10 years       73,900       71,151  
Computer Equipment & Software     3-5 years       2,799       3,186  
Total             87,011       84,335  
Less: Accumulated Depreciation             (28,871 )     (26,509 )
Total           $ 58,140     $ 57,826  

 

(*) 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 $2.1 million for the three months ended September 30, 2023 and 2022, respectively.

 

As of September 30, 2023, equipment with a net book value totaling $7.3 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2023, fixed assets with a net book value totaling $7.1 million had not been placed in service and therefore was not depreciated during the period.