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Property and Equipment, Net | 12 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net As of June 30, 2024 and 2023, property and equipment, net consisted of the following:
|  | As of June 30, |
|  | 2024 |  | 2023 |
Land |  | $ | 44,279 |  |  | $ | 80,878 |  |
Buildings |  | 2,261,150 |  |  | 69,049 |  |
Equipment, furniture and fixtures |  | 1,163,361 |  |  | 159,786 |  |
Leasehold improvements |  | 18,497 |  |  | 18,491 |  |
Construction in progress |  | 4,142 |  |  | 3,066,785 |  |
Total property and equipment, gross |  | 3,491,429 |  |  | 3,394,989 |  |
Less accumulated depreciation and amortization |  | (333,009) |  |  | (87,828) |  |
Total property and equipment, net |  | $ | 3,158,420 |  |  | $ | 3,307,161 |  |
The property and equipment balances above include $156,234 and $236,593 of capital expenditure accruals (primarily related to Sphere construction) as of June 30, 2024 and 2023, respectively, which are reflected in Accounts payable, accrued and other current liabilities in the accompanying consolidated balance sheets. During the first quarter of Fiscal Year 2024, the Company placed $3,130,028 of construction in progress assets into service with the opening of Sphere in Las Vegas and began depreciating them over their corresponding estimated useful lives. Depreciation expense on property and equipment was $252,706, $27,601 and $16,794 for Fiscal Years 2024, 2023 and 2022, respectively. On November 21, 2023, the Company announced that it was formally notified by the Mayor of London that its planning application for a Sphere venue in Stratford, London was not approved. In light of this decision, the Company no longer plans to allocate resources towards the development of a Sphere in the United Kingdom. In connection with this decision, the Company recorded an impairment charge of $116,541 on construction in progress and land assets reported within the Sphere segment during the second quarter of Fiscal Year 2024. This charge is recognized in Impairment and other (losses) gains, net within the consolidated statements of operations for Fiscal Year 2024. The fair value of the land was determined using an estimate of the assumed exit value from a market participant perspective.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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