Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.22.2.2
Property and Equipment, Net
 3 Months Ended
Sep. 30, 2022
Property and Equipment, Net [Abstract]  
Property and Equipment, net

Note 6. Property and Equipment, net

 

Property and equipment, net consisted of the following as of September 30, 2022 and June 30, 2022 (in thousands):

 

    Estimated
Useful Life		   September 30,
2022		     June 30,
2022		  
Land   n/a   $ 1,000     $ 1,000  
Building and leasehold improvements   *     8,557       7,715  
Equipment   2-10 years     61,988       57,750  
Computer Equipment & Software   3-5 years     1,998       1,966  
Total         73,543       68,431  
Less: Accumulated Depreciation         (19,355 )     (17,274 )
Total       $ 54,188     $ 51,157  

 

(*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.  Buildings are amortized on a straight-line basis between 11 and 39 years.

 

The Company recorded depreciation expense of $2.1 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively.

 

As of September 30, 2022, equipment with a net book value totaling $11.7 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2022, fixed assets with a net book value totaling $14.5 million had not been placed in service and therefore was not depreciated during the period.