XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

PROPERTY AND EQUIPMENT | 3 Months Ended
--- | ---
Sep. 30, 2021
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | NOTE 10 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT
|  | As of |  |  | As of |
|  | September 30, 2021 |  |  | June 30, 2021 |
Office Furniture and Equipment |  | $ | 3,234,460 |  |  | $ | 3,440,501 |
Computer Equipment |  |  | 15,266,280 |  |  |  | 18,681,991 |
Assets Under Capital Leases |  |  | 1,019,445 |  |  |  | 1,136,128 |
Building |  |  | 5,751,992 |  |  |  | 6,205,210 |
Land |  |  | 1,487,065 |  |  |  | 1,608,024 |
Autos |  |  | 1,644,324 |  |  |  | 1,770,147 |
Improvements |  |  | 84,836 |  |  |  | 35,592 |
Subtotal |  |  | 28,488,402 |  |  |  | 32,877,593 |
Accumulated Depreciation |  |  | (17,666,533 | ) |  |  | (20,785,781 | )
Property and Equipment, Net |  | $ | 10,821,869 |  |  | $ | 12,091,812 |
For the three months ended September 30, 2021 and 2020, depreciation expense totaled $539,722 and $496,267, respectively. Of these amounts, $325,451 and $274,477, respectively, are reflected in cost of revenues. Following is a summary of fixed assets held under finance leases as of September 30, 2021 and June 30, 2021: SUMMARY OF FIXED ASSETS HELD UNDER FINANCE LEASES
|  | As of |  |  | As of |
|  | September 30, 2021 |  |  | June 30, 2021 |
Computers and Other Equipment |  | $ | 126,088 |  |  | $ | 169,487 |
Furniture and Fixtures |  |  | 55,955 |  |  |  | 57,509 |
Vehicles |  |  | 837,402 |  |  |  | 909,132 |
Total |  |  | 1,019,445 |  |  |  | 1,136,128 |
Less: Accumulated Depreciation - Net |  |  | (581,143 | ) |  |  | (627,119 | )
|  | $ | 438,302 |  |  | $ | 509,009 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | September 30, 2021 |  |  | June 30, 2021 |
Weighted average remaining lease term - Finance leases |  |  | 1.75 Years |  |  |  | 0.55 Years |
Weighted average discount rate - Finance leases |  |  | 6.1 | % |  |  | 5.6 | %
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements September 30, 2021 (Unaudited)

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration