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PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT 

           
   As of   As of 
   June 30, 2022   June 30, 2021 
         
Office Furniture and Equipment  $3,021,586   $3,440,501 
Computer Equipment   11,388,856    18,681,991 
Assets Under Capital Leases   305,081    1,136,128 
Building   4,818,650    6,205,210 
Land   1,237,965    1,608,024 
Autos   2,503,990    1,770,147 
Improvements   175,560    35,592 
Subtotal   23,451,688    32,877,593 
Accumulated Depreciation   (14,069,064)   (20,785,781)
Property and Equipment, Net  $9,382,624   $12,091,812 

 

For the years ended June 30, 2022 and 2021, depreciation expense totaled $2,179,509 and $2,148,578, respectively. Of these amounts, $1,316,329 and $1,182,953, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of June 30, 2022 and 2021:

  

           
   As of   As of 
   June 30, 2022   June 30, 2021 
Computers and Other Equipment  $-   $169,487 
Furniture and Fixtures   -    57,509 
Vehicles   305,081    909,132 
Total   305,081    1,136,128 
Less: Accumulated Depreciation - Net   (145,658)   (627,119)
Fixed assets held under finance leases, Total  $159,423   $509,009 

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2022 and 2021

 

Finance lease term and discount rate were as follows:

  

   As of   As of 
   June 30, 2022   June 30, 2021 
         
Weighted average remaining lease term - Finance leases   2.39 Years     0.55 Years 
           
Weighted average discount rate - Finance leases   12.5%   5.6%