|12 Months Ended|
Jun. 30, 2020
7. 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 6 – Finance Lease ROU’s above.
The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands):
Depreciation expense was approximately $282,000 and $1,427,000 in 2020 and 2019, respectively.
In addition, $179,000 of fixed assets were written off in 2019 related to items previously capitalized that have subsequently been removed from service and were included in general and administrative expenses.
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