Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.20.2
Property and Equipment, net
 3 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 5. Property and Equipment, net


Property and equipment, net consisted of the following as of September 30, 2020 and June 30, 2020 (in thousands):


    Estimated
Useful Life		   September 30,
2020		    

June 30,

2020

  
Land   n/a   $ 1,000     $ 1,000  
Building   11 years     3,000       3,000  
Equipment   2-10 years     25,465       24,746  
Leasehold Improvements   *     1,072       964  
Software   3 years     294       294  
Furniture & Fixtures   5 years     11       11  
Computer Equipment   3 years     281       267  
Total         31,123       30,282  
Less: Accumulated Depreciation         (7,665 )     (6,677 )
Total       $ 23,458     $ 23,605  

(*) Leasehold improvements 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 $1.0 million and $0.7 million for the three months ended September 30, 2020 and 2019, respectively.


As of September 30, 2020, equipment with a net book value totaling $4.3 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2020, fixed assets with a net book value totaling $5.6 million had not been placed in service and therefore was not depreciated during the period.