Note C - Property and Equipment

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

C. Property and Equipment

Property and equipment consisted of the following (in thousands):

	Depreciable Life In Years			March 31, 2022			June 30, 2021
Land	NA			$	7,645		$	1,200
Building and building improvements	7	–	39		15,427			3,757
Machinery and equipment	3	–	12		37,522			35,458
Office equipment and furniture	3	–	5		5,906			5,712
Vehicles		3			211			255
Leasehold improvements	1	–	15		21,277			20,236
Total property and equipment					87,988			66,618
Less: accumulated depreciation and amortization					(47,588	)		(44,347	)
Property and equipment, net				$	40,400		$	22,271

On August 20, 2021, we acquired a manufacturing and warehouse property in Carlsbad California from an unrelated party for $17.5 million. The approximately 54,154 square foot building includes environmentally controlled warehouse space, office space and additional non-environmentally controlled warehouse space. We intend to retrofit a significant portion of the building into a dedicated high-volume powder blending and packaging facility. This new facility will also provide us with additional raw material storage capacity, and additional office space.