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