Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT, NET

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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 - PROPERTY, PLANT AND EQUIPMENT, NET

 

Property, plant and equipment, net consist of the following:

 

   

June 30,

2022

    

June 30,

2021

  
Vehicles   $ 20,000     $ 20,000  
Machinery and equipment     808,000       593,000  
Office equipment     1,574,000       1,027,000  
Furniture and Equipment     256,000       220,000  
Leasehold improvements     56,000       56,000  
Property, plant and equipment, gross     2,714,000       1,916,000  
Less: Accumulated depreciation     (1,136,000 )     (560,000 )
Total property, plant and equipment, net   $ 1,578,000     $ 1,356,000  

 

Depreciation expense was approximately $575,000 and $274,000, for the years ended June 30, 2022 and 2021, respectively, and is included in selling and administrative expenses in the accompanying consolidated statements of operations.