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PROPERTY AND EQUIPMENT
 6 Months Ended
Dec. 31, 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 
  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:

 

   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:

 

   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%