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:
(*) 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.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://www.xbrl.org/2003/role/presentationRef