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PROPERTY AND EQUIPMENT | 9 Months Ended
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Mar. 31, 2022
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 |
|  | March 31, 2022 |  |  | June 30, 2021 |
Office Furniture and Equipment |  | $ | 3,287,329 |  |  | $ | 3,440,501 |
Computer Equipment |  |  | 14,122,850 |  |  |  | 18,681,991 |
Assets Under Capital Leases |  |  | 341,927 |  |  |  | 1,136,128 |
Building |  |  | 5,378,874 |  |  |  | 6,205,210 |
Land |  |  | 1,387,483 |  |  |  | 1,608,024 |
Autos |  |  | 2,244,069 |  |  |  | 1,770,147 |
Improvements |  |  | 191,934 |  |  |  | 35,592 |
Subtotal |  |  | 26,954,466 |  |  |  | 32,877,593 |
Accumulated Depreciation |  |  | (16,840,008 | ) |  |  | (20,785,781 | )
Property and Equipment, Net |  | $ | 10,114,458 |  |  | $ | 12,091,812 |
For the three and nine months ended March 31, 2022, depreciation expense was $540,822 and $1,608,007, respectively. Of these amounts, $334,476 and $974,526, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2021, depreciation expense was $575,855 and $1,557,578, respectively. Of these amounts, $303,780 and $842,141, respectively, are reflected in cost of revenues. Following is a summary of fixed assets held under finance leases as of March 31, 2022 and June 30, 2021: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | March 31, 2022 |  |  | June 30, 2021 |
Computers and Other Equipment |  | $ | - |  |  | $ | 169,487 |
Furniture and Fixtures |  |  | - |  |  |  | 57,509 |
Vehicles |  |  | 341,927 |  |  |  | 909,132 |
Total |  |  | 341,927 |  |  |  | 1,136,128 |
Less: Accumulated Depreciation - Net |  |  | (149,740 | ) |  |  | (627,119 | )
Fixed assets held under finance leases, Total |  | $ | 192,187 |  |  | $ | 509,009 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | March 31, 2022 |  |  | June 30, 2021 |
Weighted average remaining lease term - Finance leases |  |  | 2.18 Years |  |  |  | 0.55 Years |
Weighted average discount rate - Finance leases |  |  | 9.7 | % |  |  | 5.6 | %
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements March 31, 2022 (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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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