Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.23.2
Property and Equipment, Net
 12 Months Ended
Jun. 30, 2023
Property and Equipment, Net [Abstract]  
Property and equipment, net

Note 6. Property and equipment, net

 

Property and equipment consisted of the following as of June 30, 2023 and 2022 (in thousands):

 

    June 30,
2023		     June 30,
2022		     Estimated
Useful Life
Land   $ 1,000     $ 1,000    
n/a
Building & leasehold improvements     9,016       7,715     11 years *
Equipment     71,151       57,750     2-10 years
Computer equipment and software     3,168       1,966     3-5 years
Total     84,335       68,431      
Less: Accumulated depreciation     (26,509 )     (17,274 )    
Total   $ 57,826     $ 51,157      

 

(*) 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 $9.2 million and $6.8 million for the years ended June 30, 2023 and 2022, respectively.

 

As of June 30, 2023, equipment with a net book value totaling $7.1 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2022, fixed assets with a net book value totaling $14.5 million had not been placed in service and therefore was not depreciated during the period.