v3.22.2.2
Property and Equipment
 12 Months Ended
Jun. 30, 2022
Property and Equipment  
Note 5 - Property and Equipment

Note 5. Property and Equipment

 

Property and equipment consist of the following:

 

 

 

June 30,

2022

 

 

June 30,

2021

 

Furniture and fixtures

 

$51,273

 

 

$20,173

 

Computer equipment and software

 

 

103,615

 

 

 

62,430

 

Manufacturing equipment

 

 

1,903,719

 

 

 

1,867,509

 

Leasehold improvements

 

 

2,144,341

 

 

 

764,225

 

Building

 

 

4,656,435

 

 

 

-

 

Vehicles

 

 

253,229

 

 

 

98,859

 

Property and equipment, gross

 

 

9,112,612

 

 

 

2,813,196

 

Less accumulated depreciation

 

 

(1,066,126 )

 

 

(515,990 )

 

 

 

8,046,486

 

 

 

2,297,206

 

Deposits on equipment

 

 

-

 

 

 

535,194

 

Property and equipment, net

 

$8,046,486

 

 

$2,832,400

 

 

During the year ended June 30, 2022, the Company sold vehicles with a carrying value of approximately $500 for cash proceeds of $6,000 which resulting in a gain on the disposal of approximately $5,500.

 

During the year ended June 30, 2021, the Company sold manufacturing equipment with a carrying value of approximately $70,292 for cash proceeds of $79,000 which resulting in a gain on the disposal of approximately $8,708.

 

Depreciation expense for the years ended June 30, 2022, and 2021 was $574,309 and $303,496, respectively.