v3.26.3
Property and Equipment
 12 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

 

6. Property and Equipment

 

The table below presents the property and equipment as of June 30:

  

   2026   2025 
Land  $13,080,180   $11,225,956 
Building   17,079,532    16,653,019 
Construction-in-progress   13,481,740    - 
Equipment and vehicles   25,400,352    24,363,000 
Property and equipment, gross   69,041,804    52,241,975 
Less: accumulated depreciation   (11,747,613)   (6,772,122)
Property and equipment, net  $57,294,191   $45,469,853 

 

Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are put in use. As of June 30, 2026, construction-in-progress is comprised $6.5 million of improvements to the Company’s recycling facility not yet put in use and the Company’s property in Fernley, Nevada with a carrying value of $7.0 million.

 

The Company recognized depreciation expense of $5.0  million and $5.0 million for the fiscal years ended 2026 and 2025, respectively. Depreciation expense was included in the following captions in the consolidated statements of operations for the fiscal year ended 2026 of $3.7 million in cost of sales and $1.3 million in research and development. For fiscal year 2025, there was $3.6 million in cost of sales and $1.2 million in research and development.