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Property and Equipment | 9 Months Ended
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Mar. 31, 2019
Property, Plant and Equipment [Abstract] |
Property and Equipment | Note 4. Property and Equipment The following is a summary of property and equipment as of March 31, 2019 and June 30, 2018:
|  | Useful |  | March 31, |  |  | June 30, |
|  | Life |  | 2019 |  |  | 2018 |
Furniture and fixtures |  | 5 - 7 years |  | $ | 40,615 |  |  | $ | 118,450 |
Leasehold improvements |  | 5 - 7 years |  |  | - |  |  |  | 29,296 |
Laboratory equipment |  | 3 - 15 years |  |  | - |  |  |  | 738,415 |
Total property and equipment |  |  |  |  | 40,615 |  |  |  | 886,161 |
Less accumulated depreciation and amortization |  |  |  |  | (510 | ) |  |  | (517,787 | )
Net property and equipment |  |  |  | $ | 40,105 |  |  | $ | 368,374 |
Depreciation and amortization expense related to property and equipment amounted to $510 and $266,781 for the three months ended March 31, 2019 and 2018, respectively. Depreciation and amortization expense related to property and equipment amounted to $39,342 and $800,174 for the nine months ended March 31, 2019 and 2018, respectively. For the nine months ended March 31, 2019, the Company completed sales of furniture, fixtures, and laboratory equipment for proceeds of $278,234. These sales resulted in the Company recording a loss on sale of property and equipment of $12,268 for the nine months ended March 31, 2019 and a gain of $10,559 for the three months ended March 31, 2019. Additionally, in December 2018 the Company vacated its leased office and laboratory space in Louisville, Colorado, resulting in an impairment charge of $33,039 related to leasehold improvements, laboratory equipment, furniture and fixtures that the Company did not expect to receive any further economic benefit from. As a result, the carrying value of the laboratory equipment was reduced to its estimated fair value of $72,537. In January 2019, the Company sold this equipment for net proceeds of $83,096 and a gain of $ 10,559 was recognized for the three months ended March 31, 2019.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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