Property, Plant and Equipment

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

The table below presents the property, plant and equipment as of September 30, 2024 and June 30, 2024:

	September 30, 2024			June 30, 2024
Land	$	8,860,916		$	8,860,916
Building		16,632,100			24,867,784
Equipment and vehicles		22,893,669			14,313,970
Total Property, plant and equipment		48,386,685			48,042,670
Less: accumulated depreciation		(2,966,058	)		(1,727,704	)
Property, plant and equipment, net		45,420,627		$	46,314,966

The Company recognized depreciation expense of $1.3 million and $36,502 for the three months ended September 30, 2024 and 2023, respectively.

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. As of September 30, 2024, there were no changes to the valuation of assets held-for-sale.