Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.10.0.1
Property and Equipment
 3 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 4. Property and Equipment

 

Property and equipment consisted of the following as of September 30, 2018 and June 30, 2018:

 

   

Estimated 

Useful Life 

  

September 30, 

2018

    

June 30,

2018

  
Land   n/a   $ 1,000,000     $ 1,000,000  
Building   11 years     3,000,000       3,000,000  
Equipment   2-10 years     9,924,788       9,126,755  
Other    *     1,309,532       1,057,854  
          15,234,320       14,184,609  
Less: Accumulated depreciation         (1,942,624 )     (1,364,440 )
Total       $ 13,291,696     $ 12,820,169  

  

(*) Useful lives vary from 3-10 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 $578,184 and $233,310 for the three months ended September 30, 2018 and 2017, respectively.