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PROPERTY AND EQUIPMENT | 12 Months Ended
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Jun. 30, 2023
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, 2023 |  |  | June 30, 2022 |
Office Furniture and Equipment |  | $ | 2,678,664 |  |  | $ | 3,021,586 |
Computer Equipment |  |  | 8,317,131 |  |  |  | 11,388,856 |
Assets Under Capital Leases |  |  | 46,554 |  |  |  | 305,081 |
Building |  |  | 3,497,913 |  |  |  | 4,818,650 |
Land |  |  | 885,474 |  |  |  | 1,237,965 |
Autos |  |  | 1,941,063 |  |  |  | 2,503,990 |
Improvements |  |  | 205,289 |  |  |  | 175,560 |
Subtotal |  |  | 17,572,088 |  |  |  | 23,451,688 |
Accumulated Depreciation |  |  | (11,410,902 | ) |  |  | (14,069,064 | )
Property and Equipment, Net |  | $ | 6,161,186 |  |  | $ | 9,382,624 |
For the years ended June 30, 2023 and 2022, depreciation expense totaled $2,072,897 and $2,179,509, respectively. Of these amounts, $1,332,405 and $1,316,329, respectively, are reflected in cost of revenues. Following is a summary of fixed assets held under capital leases as of June 30, 2023 and 2022: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | June 30, 2023 |  |  | June 30, 2022 |
Vehicles |  | $ | 46,554 |  |  | $ | 305,081 |
Total |  |  | 46,554 |  |  |  | 305,081 |
Less: Accumulated Depreciation - Net |  |  | (17,366 | ) |  |  | (145,658 | )
Fixed assets held under capital leases, Total |  | $ | 29,188 |  |  | $ | 159,423 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | June 30, 2023 |  |  | June 30, 2022 |
Weighted average remaining lease term - Finance leases |  |  | 1.21 Years |  |  |  | 2.39 Years |
Weighted average discount rate - Finance leases |  |  | 16.4% |  |  |  | 12.5% |
NETSOL TECHNOLOGIES, INC. Notes to Consolidated Financial Statements June 30, 2023 and 2022

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