Annual report pursuant to Section 13 and 15(d)

Plant, Property and Equipment

v3.7.0.1
Plant, Property and Equipment
 12 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Plant, Property and Equipment
PLANT, PROPERTY AND EQUIPMENT
Plant, property and equipment consists of the following at June 30, 2017 and June 30, 2016:
in thousands
 
 
 
 
 
 
 
June 30, 2017
 
June 30, 2016
 
Office furniture, and fixtures
 
$
1,638

 
$
1,107

 
Computer equipment
 
462

 
407

 
Computer software
 
2,386

 
2,386

 
Plant equipment
 
1,979

 
—

 
Building
 
315

 
—

 
Leasehold improvements
 
2,571

 
1,661

 
Total depreciable assets
 
9,351

 
5,561

 
Less: accumulated depreciation
 
(3,885
)
 
(3,043
)
 
Property and equipment not placed in service
 
1,105

 
964

 
Land
 
36

 
—

 
Plant, property and equipment, net
 
$
6,607

 
$
3,482

 

Depreciation expense for the years ended June 30, 2017 and 2016 was $1,099,000 and $833,000, respectively.
During the year ended June 30, 2017, the Company recognized a loss on the disposal of plant, property and equipment of approximately $178,000, which is shown as component of selling, general and administrative expenses on the consolidated statements of income. The Company wrote-off $435,000 of assets primarily consisting of leasehold improvements and office furniture and fixtures related to its relocation of its corporate office to El Segundo California. The Company did not incur a material loss on disposal of plant, property and equipment assets during the year ended June 30, 2016.