Annual report pursuant to Section 13 and 15(d)

Property and equipment

v3.7.0.1
Property and equipment
 12 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 5. Property and equipment 

 

Property and equipment consisted of the following: 

 

    Estimated
Useful Life		   June 30,
2017		     June 30,
2016		  
Land   n/a   $ 1,000,000     $ —  
Research and development equipment   3 – 10 years     1,851,427       226,372  
Computer equipment   5 years     16,783       16,783  
Furniture and fixtures   5 – 10 years     3,725       3,725  
STC-MEMS equipment   3 – 5 years     2,124,650       —  
Building   11 years     3,000,000       —  
Leasehold improvements   *     3,240       3,240  
          7,999,825       250,120  
Less: Accumulated depreciation         (146,011 )     (43,135 )
Total       $ 7,853,814     $ 206,985  

   

(*) 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 $102,876 and $34,828 for the years ended June 30, 2017 and 2016, respectively.

 

As of June 30, 2017, research and development fixed assets totaling $1,062,496 were not placed in service and therefore not depreciated during the period.