Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.22.1
Property and Equipment, Net
 9 Months Ended
Mar. 31, 2022
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, 2022 and June 30, 2021 (in thousands):

 

    Estimated
Useful Life		   March 31,
2022		     June 30,
2021		  
Land   n/a   $ 1,000     $ 1,000  
Building   11 years     3,000       3,000  
Equipment   2-10 years     53,563       35,120  
Leasehold Improvements   *    
4,237
       1,946  
Software   3 years     737       580  
Furniture & Fixtures   5 years     216       73  
Computer Equipment   3 years     740       310  
Total         63,493       42,029  
Less: Accumulated Depreciation         (15,451 )     (11,299 )
Total       $ 48,042     $ 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 $1.7 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. The Company recorded depreciation expense of $4.8 million and $3.3 million for the nine months ended March 31, 2022 and 2021, respectively.

 

As of March 31, 2022, equipment with a net book value totaling $12.0 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.