Annual report pursuant to Section 13 and 15(d)

Fixed Assets

v3.20.2
Fixed Assets
 12 Months Ended
Jun. 30, 2020
Fixed Assets  
Fixed Assets

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):

 

 

 

 

 

 

 

 

 

    

June 30, 

    

June 30, 

 

 

2020

 

2019

Facility improvements

 

$

1,465

 

$

1,449

Medical equipment

 

 

1,760

 

 

1,260

Office equipment and software

 

 

398

 

 

231

Construction in progress

 

 

787

 

 

138

Facility under capital lease

 

 

 —

 

 

20,000

Equipment under capital lease

 

 

 —

 

 

6,000

 

 

 

4,410

 

 

29,078

Accumulated depreciation – assets under capital lease

 

 

 —

 

 

(4,212)

Accumulated depreciation

 

 

(753)

 

 

(486)

Net fixed assets

 

$

3,657

 

$

24,380

 

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.