|6 Months Ended|
Dec. 31, 2019
6. Fixed Assets
As discussed above, the Company adopted ASC 842. As such, assets formerly classified as "under capital lease" are now classified as finance lease ROU assets. See Note 5 above.
The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands):
Depreciation expense was approximately $71,000 and $58,000 for the three months ended December 31, 2019 and 2018, respectively, and approximately $137,000 and $113,000 for the six months ended December 31, 2019 and 2018, respectively.
In addition, there were approximately $179,000 of fixed assets written off during the quarter ended December 31, 2018 related to items previously capitalized that have subsequently been removed from service.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef