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PROPERTY AND EQUIPMENT
 6 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

  

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:

 

  

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:

 

  

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)