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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property and Equipment, Net  
Property and Equipment, Net

5. Property and Equipment, Net

 

 

 

Useful Lives

 

 

As of December 31,

 

 

As of June 30,

 

 

 

 (Years)

 

 

2023

 

 

2022

 

 

2022

 

Automobiles

 

5

 

 

$22,000

 

 

$22,000

 

 

$22,000

 

Computer equipment

 

3-5

 

 

 

497,300

 

 

 

432,700

 

 

 

327,700

 

Machinery and equipment

 

3-7

 

 

 

1,624,300

 

 

 

1,533,000

 

 

 

1,364,900

 

Furniture and fixtures

 

4-10

 

 

 

108,500

 

 

 

105,200

 

 

 

105,200

 

Leasehold improvements

 

3-10

 

 

 

279,600

 

 

 

272,400

 

 

 

268,900

 

 

 

 

 

 

 

 

2,531,700

 

 

 

2,365,300

 

 

 

2,088,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less accumulated depreciation

 

 

 

 

 

$1,449,400

 

 

$1,202,100

 

 

$1,083,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment, Net

 

 

 

 

 

$1,082,300

 

 

$1,163,200

 

 

$1,005,600

 

Depreciation expense was $240,900, $115,200 and $145,300 for the year ended December 31, 2023, for the six months ended December 31, 2022 and for the fiscal year ended June 30, 2022, respectively.

 

During the year ended December 31, 2023, the six months ended December 31, 2022 and the fiscal year ended June 30, 2022, respectively, the Company wrote off fully depreciated property and equipment assets for the cost amount of $38,600, $0, and $0, respectively, and for the accumulated depreciated amount of $38,600, $0 and $0, respectively.