Property, Plant and Equipment

6 Months Ended

Dec. 31, 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 December 31, 2024 and June 30, 2024:

	December 31, 2024			June 30, 2024
Land	$	8,860,916		$	8,860,916
Building		16,633,661			24,867,784
Equipment and vehicles		23,232,967			14,313,970
Total property, plant and equipment		48,727,544			48,042,670
Less: accumulated depreciation		(4,192,864	)		(1,727,704	)
Property, plant and equipment, net		44,534,680		$	46,314,966

The Company recognized depreciation expense of $1.2 million and $44,908 for the three months ended December 31, 2024 and 2023, respectively. The Company recognized depreciation expense of $2.5 million and $81,410 for the six months ended December 31, 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 its Fernley location. The Company made this decision due to the acquisition of the Peru facility that would accelerate its 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 by September 2025. 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 December 31, 2024, there were no changes to the valuation of assets held-for-sale.