Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.19.1
Property and Equipment, net
 9 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and equipment, net

Note 6. Property and Equipment, net

  

Property and equipment, net consisted of the following as of March 31, 2019 and June 30, 2018:

 

   

Estimated  

Useful Life  

  

March 31,  

2019  

    

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     13,360,745       9,126,755  
Other    *     1,260,349       1,057,854  
          18,621,094       14,184,609  
Less: Accumulated depreciation         (3,136,224 )     (1,364,440 )
Total       $ 15,484,870     $ 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 $623,281 and $313,438 for the three months ended March 31, 2019 and 2018, respectively.

 

The Company recorded depreciation expense of $1,810,142 and $783,857 for the nine months ended March 31, 2019 and 2018, respectively.