Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 12 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 6. Property and equipment

 

Property and equipment consisted of the following as of June 30, 2022 and 2021 (in thousands):

 

    June 30,
2022		     June 30,
2021		     Estimated
Useful Life
Land   $ 1,000     $ 1,000     n/a
Building     3,000       3,000     11 years
Equipment     57,750       35,120     2-10 years
Leasehold Improvements     4,715       1,946     *
Computer equipment and software     1,966       963     3-5 years
Total     68,431       42,029      
Less: Accumulated depreciation     (17,274 )     (11,299 )    
Total   $ 51,157     $ 30,730      

 

(*) 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 $6.8 million and $4.6 million for the years ended June 30, 2022 and 2021, respectively.

 

As of June 30, 2022, equipment with a net book value totaling $14.5 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2021, fixed assets with a net book value totaling $4.9 million had not been placed in service and therefore was not depreciated during the period.