Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.24.1.1.u2
Property and Equipment, Net
 9 Months Ended
Mar. 31, 2024
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 March 31, 2024 and June 30, 2023 (in thousands):

 

    Estimated
Useful Life		   March 31,
2024		     June 30,
2023		  
Land  
n/a
   $ 1,000     $ 1,000  
Building and leasehold improvements  
*
     9,807       9,016  
Equipment   2-10 years     73,630       71,151  
Computer Equipment & Software   3-5 years     2,796       3,168  
Total         87,233       84,335  
Less: Accumulated Depreciation         (34,035 )     (26,509 )
Total       $ 53,198     $ 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 $2.4 million for the three months ended March 31, 2024 and 2023, respectively. The Company recorded depreciation expense of $7.5 million and $6.8 million for the nine months ended March 31, 2024 and 2023, respectively.

 

As of March 31, 2024, equipment with a net book value totaling $1.7 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.