Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.8.0.1
Property and equipment
 3 Months Ended
Sep. 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 

  

September 30, 

2017 

    

June 30, 

2017 

  
Land   n/a   $ 1,000,000     $ 1,000,000  
Research and development equipment   3 - 10 years     4,374,409       1,851,427  
Computer equipment   5 years     21,933       16,783  
Furniture and fixtures   5 - 10 years     3,725       3,725  
STC-MEMS equipment   3 - 5 years     2,124,650       2,124,650  
Building   11 years     3,020,500       3,000,000  
Leasehold improvements   *     3,240       3,240  
          10,548,457       7,999,825  
Less: Accumulated depreciation         (379,321 )     (146,011 )
Total       $ 10,169,136     $ 7,853,814  

 

(*) 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 $233,310 and $12,885 for the three months ended September 30, 2017 and 2016, respectively.

 

As of September 30, 2017, research and development fixed assets totaling $3,585,478 were not placed in service and therefore not depreciated during the period.