Property and Equipment

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

7. Property and Equipment

The table below presents the property, plant and equipment as of June 30:

	2024			2023
Land	$	8,860,916		$	6,728,838
Building		24,867,784			17,508,486
Equipment and vehicles		14,313,970			5,870,496
		48,042,670			30,107,820
Less: accumulated depreciation		(1,727,704	)		(161,721	)
Property and equipment, net	$	46,314,966		$	29,946,099

The Company recognized depreciation expense of $1.7 million and $0.1 million during the fiscal years ended June 30, 2024 and 2023, respectively.

On August 11, 2023, the Company finalized the purchase of its commercial-scale battery recycling facility located in the TRIC, as indicated in Note 6. At that time, the aggregate total of $27.6 million in deposits was reclassified to Property and Equipment. The Company has installed additional equipment on site to accelerate the first commercial scale implementation of its internally developed lithium-ion battery recycling technologies.

During the fourth quarter of fiscal 2024, the Company approved a plan to sell certain assets comprised primarily of land and a building from our Fernley location. The Company made this decision due to the acquisition of the Peru facility that would accelerate our time to production and commercialization. The assets located at Fernley had a carrying amount of $18.6 million and water rights with a carrying amount of $0.1 million. These assets have been classified as held-for-sale as of June 30, 2024 and are expected to be sold within the next twelve months. The Company recorded an impairment charge on the assets held-for-sale of $10.3 million for the fiscal year ended June 30, 2024. The fair value of the assets held-for-sale is classified within Level 3 of the fair value hierarchy and was determined based on indicative market listing prices of the assets.