Property, Plant and Equipment

9 Months Ended

Mar. 31, 2025

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 March 31, 2025 and June 30, 2024:

	March 31, 2025			June 30, 2024
Land	$	8,860,916		$	8,860,916
Building		16,642,537			24,867,784
Equipment and vehicles		23,660,207			14,313,970
Total property, plant and equipment		49,163,660			48,042,670
Less: accumulated depreciation		(5,478,103	)		(1,727,704	)
Property, plant and equipment, net	$	43,685,557		$	46,314,966

The Company recognized depreciation expense of $1.2 million and $39,665 for the three months ended March 31, 2025 and 2024, respectively. The Company recognized depreciation expense of $3.8 million and $121,075 for the nine months ended March 31, 2025 and 2024, 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. These assets have been classified as held-for-sale as of June 30, 2024 with a carrying value of $6.0 million and on April 1, 2025 the Company entered into a Commercial/Investment Property Purchase Agreement and Joint Escrow Instructions (the “Purchase Agreement”), to sell that certain property for a total purchase price of $6.75 million. Under the Purchase Agreement, the transaction is anticipated to close on or before July 10, 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 March 31, 2025, there were no changes to the valuation of assets held-for-sale.