Company: PDEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001079973-25-000729
Chunk: 7

Company: PRO DEX INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 7
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2024 
  
    Land	 
    $3,684  
    $3,684 
  
    Building	 
     2,815  
     2,815 
  
    Total	 
     6,499  
     6,499 
  
    Less: accumulated depreciation	 
     (414) 
     (344)

    $6,085  
    $6,155 

On
November 6, 2020, we acquired the Franklin Property for a total purchase price of $6.5 million, of which we paid $1.3 million in cash
and the balance of $5.2 million we financed (the “Property Loan”) through Minnesota Bank & Trust (“MBT”) (See
Note 11). We substantially completed the build-out of the property in the first quarter of fiscal 2022. We began operations in the new
facility during the fourth quarter of fiscal 2023. For each of the three months ended March 31, 2025, and 2024 we recorded $23,000 of
depreciation expense and for each of the nine months ended March 31, 2025 and 2024 we recorded $70,000 of depreciation expense. The building
is being amortized on a straight-line basis over a period of 30 years

Intangibles

Intangibles
consist of the following (in thousands): 

    Schedule of intangibles  

    March
    31, 2025  
    June 30,
    2024 
  
    Patent-related costs	 
    $208  
    $208 
  
           Less: accumulated amortization	 
     (175) 
     (154)

    $33  
    $54 

Patent-related
costs consist of legal fees incurred in connection with both patent applications and a patent issuance and will be amortized over the
estimated life of the product(s) that is or will be utilizing the technology or expensed immediately in the event the patent office denies
the issuance of the patent. For each of the three months ended March 31, 2025 and 2024, we recorded $7,000 of amortization expense and
for each of the nine months ended March 31, 2025 and 2024, we recorded $21,000 of amortization expense. Future amortization expense is
expected to be $7,000