Property and Equipment, net

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 5. Property and Equipment, net

Property and equipment, net consisted of the following as of September 30, 2021 and June 30, 2021 (in thousands):

	Estimated Useful Life	September 30, 2021			June 30, 2021
Land	n/a	$	1,000		$	1,000
Building	11 years		3,000			3,000
Equipment	2-10 years		40,866			35,120
Leasehold Improvements	*		2,941			1,946
Software	3 years		617			580
Furniture & Fixtures	5 years		90			73
Computer Equipment	3 years		489			310
Total			49,003			42,029
Less: Accumulated Depreciation			(12,092	)		(11,299	)
Total		$	36,911		$	30,730

(*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.

The Company recorded depreciation expense of $1.5 million and $1.0 million for the three months ended September 30, 2021 and 2020, respectively.

As of September 30, 2021, equipment with a net book value totaling $10.0 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2021, fixed assets with a net book value totaling $4.9 million had not been placed in service and therefore was not depreciated during the period.