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Property, Plant and Equipment | 12 Months Ended
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Jun. 30, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment Property, plant and equipment at June 30, 2023 and 2022 is as follows:
|  | 2023 |  |  | 2022 |
Land |  | $ | 45,000 |  |  | $ | 45,000 |
Building and improvements |  |  | 4,811,179 |  |  |  | 4,450,399 |
Machinery and equipment |  |  | 11,402,679 |  |  |  | 11,287,648 |
Furniture and fixtures |  |  | 164,200 |  |  |  | 164,200 |
|  |  | 16,423,058 |  |  |  | 15,947,247 |
Accumulated depreciation |  |  | (13,597,969 | ) |  |  | (13,149,254 | )
Property, plant and equipment, net |  | $ | 2,825,089 |  |  | $ | 2,797,993 |
Depreciation expense was $484,920 and $494,635 for the years ended June 30, 2023 and 2022, respectively. The Company was awarded $7.4 million in funding during the second quarter of fiscal year 2023 in support of facility and capital equipment upgrades for testing and qualification for the United States Navy. The funding is part of the Navy’s investment to improve and sustain the Surface Combatant Industrial Base. The work will be conducted on Espey’s property in Saratoga Springs, NY, with completion slated for 2024. The Company expects to be paid within 30 days after the submission of three milestone invoices, but will not be paid for expenses incurred in excess of the specified milestone payment limits. The Company expects to have an initial cash outlay to satisfy income tax obligations arising from the value of the award. Included in building and improvements at June 30, 2023 and 2022 was $308,001 and $58,296 respectively, for facility and capital upgrades under the funding award. As of September 19, 2023, the first milestone totaling approximately $969,000 was achieved and reimbursed. The Company expects to record the receipt of milestones payments received as a reduction from the cost of the assets.

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