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Property and Equipment

12 Months Ended

Jun. 30, 2019

Property and Equipment

Property and Equipment

Note 5 – Property and Equipment

Property and equipment, stated at cost, less accumulated depreciation consisted of the following:

		June 30,			June 30,
		2019			2018
GMP Facility		$	8,020,471		$	8,011,230
Land			260,000			260,000
Office Equipment			57,781			57,781
Furniture and Fixtures			5,607			5,607
Lab Equipment			5,748,318			5,683,765
Total Property and Equipment			14,092,177			14,018,383
Less Accumulated Depreciation			(3,864,930)			(3,177,290)
Property and Equipment, Net		$	10,227,247		$	10,841,093

Depreciation expense for the years ended June 30, 2019, 2018 and 2017 was $687,640,  $671,789 and $654,685, respectively.

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- References

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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

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