Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

v3.20.1
Fixed Assets
 9 Months Ended
Mar. 31, 2020
Fixed Assets  
Fixed Assets

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-Finance Lease ROU's above.

The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands):

 

 

 

 

 

 

 

 

 

    

March 31, 

    

June 30,

 

 

2020

 

2019

Facility improvements

 

$

1,465

 

$

1,449

Medical equipment

 

 

1,419

 

 

1,260

Office equipment and software

 

 

383

 

 

231

Construction in progress

 

 

67

 

 

138

Facility under capital lease

 

 

 —

 

 

20,000

Equipment under capital lease

 

 

 —

 

 

6,000

 

 

 

3,334

 

 

29,078

Accumulated depreciation – assets under capital lease

 

 

 —

 

 

(4,212)

Accumulated depreciation 

 

 

(677)

 

 

(486)

Net fixed assets

 

$

2,657

 

$

24,380

 

Depreciation expense was approximately $70,000 and $341,000 for the three months ended March 31, 2020 and 2019, respectively, and approximately $207,000 and $1,065,000 for the nine months ended March 31, 2020 and 2019, 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.