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

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   As of   As of 
   September 30, 2022   June 30, 2022 
         
Office Furniture and Equipment  $2,792,403   $3,021,586 
Computer Equipment   11,147,529    11,388,856 
Assets Under Capital Leases   58,616    305,081 
Building   4,357,506    4,818,650 
Land   1,114,891    1,237,965 
Autos   2,411,407    2,503,990 
Improvements   215,538    175,560 
Subtotal   22,097,890    23,451,688 
Accumulated Depreciation   (13,247,239)   (14,069,064)
Property and Equipment, Net  $8,850,651   $9,382,624 

 

For the three months ended September 30, 2022 and 2021, depreciation expense totaled $522,183 and $539,722, respectively. Of these amounts, $331,229 and $325,451, respectively, are reflected in cost of revenues.

 

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

 

   As of   As of 
   September 30, 2022   June 30, 2022 
Vehicles  $58,616   $305,081 
Total   58,616    305,081 
Less: Accumulated Depreciation - Net   (13,073)   (145,658)
Fixed assets held under finance leases, Total  $45,543   $159,423 

 

Finance lease term and discount rate were as follows:

 

   As of   As of 
   September 30, 2022   June 30, 2022 
         
Weighted average remaining lease term - Finance leases   2.55 Years    2.39 Years 
           
Weighted average discount rate - Finance leases   16.0%   12.5%