Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 6 Months Ended
Dec. 31, 2023
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 December 31, 2023 and June 30, 2023 (in thousands):

 

    Estimated
Useful Life		   December 31,
2023		     June 30,
2023		  
Land   n/a   $ 1,000     $ 1,000  
Building and leasehold improvements   *     9,399       9,016  
Equipment   2-10 years     74,437       71,151  
Computer Equipment & Software   3-5 years     2,795       3,168  
Total         87,631       84,335  
Less: Accumulated Depreciation         (31,433 )     (26,509 )
Total       $ 56,198     $ 57,826  

 

(*) 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 $2.6 million and $2.3 million for the three months ended December 31, 2023 and 2022, respectively. The Company recorded depreciation expense of $4.9 million and $4.4 million for the six months ended December 31, 2023 and 2022, respectively.

 

As of December 31, 2023, equipment with a net book value totaling $7.4 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2023, fixed assets with a net book value totaling $7.1 million had not been placed in service and therefore was not depreciated during the period.