Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

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Property and equipment
 6 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 5. Property and equipment

 

Property and equipment consisted of the following as of December 31, 2017 and June 30, 2017:

 

   

Estimated 

Useful Life 

  

December 31, 

2017 

    

June 30, 

2017 

  
Land   n/a   $ 1,000,000     $ 1,000,000  
Research and development equipment   3 - 10 years     6,510,343       1,851,427  
Computer equipment   5 years     69,642       16,783  
Furniture and fixtures   5 - 10 years     3,725       3,725  
STC-MEMS equipment   3 - 5 years     2,120,868       2,124,650  
Building   11 years     3,191,819       3,000,000  
Leasehold improvements   *     3,240       3,240  
          12,899,637       7,999,825  
Less: Accumulated depreciation         (616,430 )     (146,011 )
Total       $ 12,283,207     $ 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 $237,109 and $12,949 for the three months ended December 31, 2017 and 2016, respectively.

 

The Company recorded depreciation expense of $470,419 and $25,834 for the six months ended December 31, 2017 and 2016, respectively.

 

As of December 31, 2017, research and development fixed assets totaling $5,386,457 were not placed in service and therefore not depreciated during the period.