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, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT, NET

 

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

 

    2024     2023     2022  
    June 30,  
    2024     2023     2022  
Machinery and equipment   $ 1,352,000     $ 1,169,000     $ 808,000  
Office equipment     2,690,000       2,153,000       1,574,000  
Furniture and equipment     274,000       273,000       256,000  
Vehicles     -       -       20,000  
Leasehold improvements     148,000       81,000       56,000  
CIP     106,000       43,000       -  
Property, plant and equipment, gross     4,570,000       3,719,000       2,714,000  
Less: accumulated depreciation     (2,821,000 )     (1,930,000 )     (1,136,000 )
Total property, plant and equipment, net   $ 1,749,000     $ 1,789,000     $ 1,578,000  

 

Depreciation expense was approximately $1,045,000, $899,000 and $575,000, for the fiscal years ended June 30, 2024, 2023 and 2022, respectively, and is included in selling and administrative expenses in the accompanying consolidated statements of operations.