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PROPERTY AND EQUIPMENT | 6 Months Ended
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Dec. 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 |
|  | December 31, 2022 |  |  | June 30, 2022 |
Office Furniture and Equipment |  | $ | 2,905,429 |  |  | $ | 3,021,586 |
Computer Equipment |  |  | 11,712,255 |  |  |  | 11,388,856 |
Assets Under Capital Leases |  |  | 59,033 |  |  |  | 305,081 |
Building |  |  | 4,387,210 |  |  |  | 4,818,650 |
Land |  |  | 1,122,819 |  |  |  | 1,237,965 |
Autos |  |  | 2,500,251 |  |  |  | 2,503,990 |
Improvements |  |  | 228,291 |  |  |  | 175,560 |
Subtotal |  |  | 22,915,288 |  |  |  | 23,451,688 |
Accumulated Depreciation |  |  | (14,195,631 | ) |  |  | (14,069,064 | )
Property and Equipment, Net |  | $ | 8,719,657 |  |  | $ | 9,382,624 |
For the three and six months ended December 31, 2022, depreciation expense totaled $568,828 and $1,091,011, respectively. Of these amounts, $370,606 and $701,835, respectively, are reflected in cost of revenues. 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. Following is a summary of fixed assets held under finance leases as of December 31, 2022 and June 30, 2022: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | December 31, 2022 |  |  | June 30, 2022 |
Vehicles |  | $ | 59,033 |  |  | $ | 305,081 |
Total |  |  | 59,033 |  |  |  | 305,081 |
Less: Accumulated Depreciation - Net |  |  | (16,117 | ) |  |  | (145,658 | )
Fixed assets held under finance leases, Total |  | $ | 42,916 |  |  | $ | 159,423 |
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2022 (Unaudited) Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | December 31, 2022 |  |  | June 30, 2022 |
Weighted average remaining lease term - Finance leases |  |  | 1.66 Years |  |  |  | 2.39 Years |
Weighted average discount rate - Finance leases |  |  | 16.5 | % |  |  | 12.5 | %

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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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