v3.25.1
Selected Balance Sheet Elements
 12 Months Ended
Jun. 30, 2024
Selected Balance Sheet Elements  
Selected Balance Sheet Elements

 

5. Selected Balance Sheet Elements

 

Inventories

 

Inventories consisted of the following as of June 30, 2024, and 2023:

          
   June 30,   June 30, 
   2024   2023 
Raw materials  $910,679   $658,175 
Work-in-progress   1,129,348    708,007 
Finished goods   607,625    712,510 
Inventories  $2,647,652   $2,078,692 

 

Property and Equipment, Net

 

Property and equipment, net consisted of the following as of June 30, 2024, and 2023:

          
   June 30,   June 30, 
   2024   2023 
Machinery and equipment  $1,769,470   $1,448,556 
Leasehold improvements   416,854    208,689 
Computer and office equipment   458,689    426,162 
Construction in progress   –    249,613 
Property and equipment, gross    2,645,013    2,333,020 
Less: Accumulated depreciation   (1,192,731)   (856,938)
Property and equipment, net  $1,452,282   $1,476,082 

 

Depreciation expense of $473,183 and $360,544 for the years ended June 30, 2024, and 2023, respectively, were included in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss.

 

Goodwill

 

Goodwill consisted of the following by entity as of June 30, 2024, and 2023:

               
   Precision   Genefic   Total 
Balance: June 30, 2023  $3,106,090   $697,057   $3,803,147 
Additions   –    372,611    372,611 
Balance: June 30, 2024  $3,106,090   $1,069,668   $4,175,758 

 

                
   Precision   Genefic   Total 
Balance: June 30, 2022  $3,122,811   $1,130,613   $4,253,424 
Additions   –    –    – 
Adjustments to purchase price allocation   (16,721)   –    (16,721)
Less: loss on impairment   –    (433,556)   (433,556)
Balance: June 30, 2023  $3,106,090   $697,057   $3,803,147 

 

Intangible Assets, Net

 

Intangible assets, net consisted of the following as of June 30, 2024, and June 30, 2023:

                              
                   Developed     
                   technology,     
   Curriculum       Customer       software,     
   development   Licenses   relationships   Trademarks   and other   Totals 
Balance: June 30, 2023  $693,385   $1,064,000   $1,244,480   $535,547   $813,479   $4,350,891 
Additions   –    –    –    –    116,500    116,500 
Balance: June 30, 2024   693,385    1,064,000    1,244,480    535,547    929,979    4,467,391 
                               
Less: Accumulated amortization                              
Balance: June 30, 2023   (172,230)   (55,378)   (153,770)   (54,595)   (56,832)   (492,805)
Additions   (69,339)   (51,118)   (124,448)   (116,324)   (66,091)   (427,320)
Balance: June 30, 2024   (241,569)   (106,496)   (278,218)   (170,919)   (122,923)   (920,125)
                               
Net book value: June 30, 2024  $451,816   $957,504   $966,262   $364,628   $807,056   $3,547,266 

 

                   Developed     
                   technology,     
   Curriculum       Customer       software,     
   development   Licenses   relationships   Trademarks   and other   Totals 
Balance: June 30, 2022  $693,385   $1,064,000   $1,230,159   $348,100   $335,021   $3,670,665 
Additions   –    –    –    186,047    477,458    663,505 
Adjustments to purchase price allocation   –    –    14,321    1,400    1,000    16,721 
Balance: June 30, 2023   693,385    1,064,000    1,244,480    535,547    813,479    4,350,891 
                               
Less: Accumulated amortization                              
Balance: June 30, 2022   (102,891)   (4,260)   (30,754)   (380)   (7,492)   (145,777)
Additions   (69,339)   (51,118)   (123,016)   (54,215)   (49,340)   (347,028)
Balance: June 30, 2023   (172,230)   (55,378)   (153,770)   (54,595)   (56,832)   (492,805)
                               
Net book value: June 30, 2023  $521,155   $1,008,622   $1,090,710   $480,952   $756,647   $3,858,086 

 

Amortization expense of $427,320 and $347,028 for the years ended June 30, 2024, and 2023, respectively, were included in selling, general and administrative expenses in the statements of operations and comprehensive loss. The Company’s intangible assets are subject to amortization and are amortized over the straight-line methods over their estimated period of benefit.

 

Future amortization expense is as follows:

     
Year Ending June 30,    
2025  $416,132 
2026   338,891 
2027   338,891 
2028   338,891 
2029   332,358 
Thereafter   1,782,103 
Total  $3,547,266