Property and Equipment, Net

12 Months Ended

Jun. 30, 2023

Property and Equipment, Net [Abstract]

Property and equipment, net

Note 6. Property and equipment, net

Property and equipment consisted of the following as of June 30, 2023 and 2022 (in thousands):

	June 30, 2023			June 30, 2022			Estimated Useful Life
Land	$	1,000		$	1,000		n/a
Building & leasehold improvements		9,016			7,715		11 years *
Equipment		71,151			57,750		2-10 years
Computer equipment and software		3,168			1,966		3-5 years
Total		84,335			68,431
Less: Accumulated depreciation		(26,509	)		(17,274	)
Total	$	57,826		$	51,157

(*) Leasehold improvements which 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 $9.2 million and $6.8 million for the years ended June 30, 2023 and 2022, respectively.

As of June 30, 2023, equipment with a net book value totaling $7.1 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2022, fixed assets with a net book value totaling $14.5 million had not been placed in service and therefore was not depreciated during the period.