Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

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Property and equipment
 9 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 5. Property and equipment

 

Property and equipment consisted of the following as of March 31, 2018 and June 30, 2017:

 

   

Estimated 

Useful Life 

  

March 31, 

2018

    

June 30,

2017

  
Land   n/a   $ 1,000,000     $ 1,000,000  
Building   11 years     3,000,000       3,000,000  
Equipment   3-10 years     8,571,398       3,976,077  
Other    *     571,612       23,748  
          13,143,010       7,999,825  
Less: Accumulated depreciation         (907,459 )     (146,011 )
Total       $ 12,235,551     $ 7,853,814  

 

(*) Useful lives vary from 5-10 years, as well as 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 $313,438 and $35,540 for the three months ended March 31, 2018 and 2017, respectively.

 

The Company recorded depreciation expense of $783,857 and $61,374 for the nine months ended March 31, 2018 and 2017, respectively.

 

As of March 31, 2018, fixed assets with a net book value totaling $3,294,015 were not placed in service and therefore not depreciated during the period.

 

As of March 31, 2018, fixed assets with a net book value totaling $117,023 were reclassified to Assets held for sale on the condensed consolidated balance sheets. The Company does not expect a loss upon sale of these assets.