Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 12 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 5. Property and equipment

 

Property and equipment consisted of the following as of June 30, 2019 and 2018 (in thousands):

 

    June 30,
2019		     June 30,
2018		     Estimated
Useful Life
Land   $ 1,000     $ 1,000     n/a
Building     3,000       3,000     11 years
Equipment     13,611       9,126     2-10 years
Leasehold Improvements     949       885     *
Software     161       42     3 years
Furniture & Fixtures     11       14     5 years
Computer Equipment     203       117     3 years
Total     18,935       14,184      
Less: Accumulated depreciation     (3,757 )     (1,364 )    
Total   $ 15,178     $ 12,820      

  

(*) Leasehold improvements which are 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 $2,447 thousand and $1,248 thousand for the years ended June 30, 2019 and 2018, respectively.

 

As of June 30, 2019, equipment with a net book value totaling $2,582 thousand were not placed in service and therefore not depreciated during the period. As of June 30, 2018, fixed assets with a net book value totaling $436 thousand were not placed in service and therefore not depreciated during the period.