NOTE 13 - SUPPLEMENTAL FINANCIAL INFORMATION

Cash and cash equivalents

Cash and cash equivalents consist of the following as of June 30, 2023 and 2022 (in thousands):

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The money market funds and commercial paper included in the table above were purchased with an original maturity of three months or less. These investments and the demand deposits are freely available for the Company’s immediate and general business use.

Property and Equipment

Property and equipment consisted of the following as of June 30, 2023 and 2022 (in thousands):

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Depreciation expense related to property and equipment amounted to approximately $30,000 and $13,000 for the fiscal years ended June 30, 2023 and 2022, respectively.