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PROPERTY AND EQUIPMENT | 6 Months Ended
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Dec. 31, 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 December 31, 2021 |  |  | As of June 30, 2021 |
Office Furniture and Equipment |  | $ | 3,363,282 |  |  | $ | 3,440,501 |
Computer Equipment |  |  | 14,036,802 |  |  |  | 18,681,991 |
Assets Under Capital Leases |  |  | 584,322 |  |  |  | 1,136,128 |
Building |  |  | 5,547,302 |  |  |  | 6,205,210 |
Land |  |  | 1,432,435 |  |  |  | 1,608,024 |
Autos |  |  | 1,903,072 |  |  |  | 1,770,147 |
Improvements |  |  | 195,465 |  |  |  | 35,592 |
Subtotal |  |  | 27,062,680 |  |  |  | 32,877,593 |
Accumulated Depreciation |  |  | (16,797,295 | ) |  |  | (20,785,781 | )
Property and Equipment, Net |  | $ | 10,265,385 |  |  | $ | 12,091,812 |
For the three and six months ended December 31, 2021, depreciation expense was $527,463 and $1,067,185, respectively. Of these amounts, $314,599 and $640,050, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2020, depreciation expense was $485,456 and $981,723, respectively. Of these amounts, $263,884 and $538,361, respectively, are reflected in cost of revenues. Following is a summary of fixed assets held under finance leases as of December 31, 2021 and June 30, 2021: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of December 31, 2021 |  |  | As of June 30, 2021 |
Computers and Other Equipment |  | $ | - |  |  | $ | 169,487 |
Furniture and Fixtures |  |  | - |  |  |  | 57,509 |
Vehicles |  |  | 584,322 |  |  |  | 909,132 |
Total |  |  | 584,322 |  |  |  | 1,136,128 |
Less: Accumulated Depreciation - Net |  |  | (265,010 | ) |  |  | (627,119 | )
|  | $ | 319,312 |  |  | $ | 509,009 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of December 31, 2021 |  |  | As of June 30, 2021 |
Weighted average remaining lease term - Finance leases |  |  | 1.99 Years |  |  |  | 0.55 Years |
Weighted average discount rate - Finance leases |  |  | 7.6 | % |  |  | 5.6 | %
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2021 (Unaudited)

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- 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
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