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Property and Equipment, Net
 6 Months Ended
Dec. 31, 2022
Property and Equipment, Net  
Property and Equipment, Net

5. Property and Equipment, Net

  

 

 

Useful Lives

 

 

As of December 31,

 

 

As of June 30,

 

 

 

 (Years)

 

 

2022

 

 

2022

 

2021

 

Automobiles

 

5

 

 

$22,000

 

 

$22,000

 

 

$22,000

 

Computer equipment

 

3-5

 

 

 

432,700

 

 

 

327,700

 

 

 

233,500

 

Machinery and equipment

 

3-7

 

 

 

1,533,000

 

 

 

1,364,900

 

 

 

1,047,600

 

Furniture and fixtures

 

4-10

 

 

 

105,200

 

 

 

105,200

 

 

 

148,800

 

Leasehold improvements

 

3-10

 

 

 

272,400

 

 

 

268,900

 

 

 

64,400

 

 

 

 

 

 

 

 

2,365,300

 

 

 

2,088,700

 

 

 

1,516,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less accumulated depreciation

 

 

 

 

 

$1,202,100

 

 

$1,083,100

 

 

$1,103,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment, Net

 

 

 

 

 

$1,163,200

 

 

$1,005,600

 

 

$412,600

 

 

Depreciation expense was $115,200 and $53,400 for the six months ended December 31, 2022 and 2021 (unaudited), respectively, and $145,300 and $104,600 for the years ended June 30, 2022 and 2021, respectively.

 

During the six months ended December 31, 2022 and 2021 (unaudited), respectively and the years ending June 30, 2022 and 2021, respectively, the Company wrote off fully depreciated property and equipment assets for the cost amount of $0, $0, $164,600 and $0, respectively, and for the accumulated depreciated amount of $0, $0, $164,600 and $0, respectively.