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, 2023
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:

SCHEDULE OF PROPERTY PLANT AND EQUIPMENT NET

 

                 
   

June 30,

2023

    

June 30,

2022

  
Vehicles   $ -     $ 20,000  
Machinery and equipment     1,169,000       808,000  
Office equipment     2,153,000       1,574,000  
Furniture and Equipment     273,000       256,000  
Leasehold improvements     81,000       56,000  
CIP     43,000       -  
Property, plant and equipment, gross     3,719,000       2,714,000  
Less: Accumulated depreciation     (1,930,000 )     (1,136,000 )
Total property, plant and equipment, net   $ 1,789,000     $ 1,578,000  

 

 

Depreciation expense was approximately $899,000 and $575,000, for the fiscal years ended June 30, 2023 and 2022, respectively, and is included in selling and administrative expenses in the accompanying consolidated statements of operations.