Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.21.2
Property and Equipment, net
 3 Months Ended
Sep. 30, 2021
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, 2021 and June 30, 2021 (in thousands):

 

    Estimated
Useful Life		   September 30,
2021		     June 30,
2021		  
Land   n/a   $ 1,000     $ 1,000  
Building   11 years     3,000       3,000  
Equipment   2-10 years     40,866       35,120  
Leasehold Improvements   *    
2,941
       1,946  
Software   3 years     617       580  
Furniture & Fixtures   5 years     90       73  
Computer Equipment   3 years     489       310  
Total         49,003       42,029  
Less: Accumulated Depreciation         (12,092 )     (11,299 )
Total       $ 36,911     $ 30,730  

 

(*) 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 $1.5 million and $1.0 million for the three months ended September 30, 2021 and 2020, respectively.

 

As of September 30, 2021, equipment with a net book value totaling $10.0 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2021, fixed assets with a net book value totaling $4.9 million had not been placed in service and therefore was not depreciated during the period.