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PROPERTY AND EQUIPMENT | 9 Months Ended
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Mar. 31, 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 |
|  | March 31, 2023 |  |  | June 30, 2022 |
Office Furniture and Equipment |  | $ | 2,671,137 |  |  | $ | 3,021,586 |
Computer Equipment |  |  | 9,023,276 |  |  |  | 11,388,856 |
Assets Under Capital Leases |  |  | 47,112 |  |  |  | 305,081 |
Building |  |  | 3,537,674 |  |  |  | 4,818,650 |
Land |  |  | 896,086 |  |  |  | 1,237,965 |
Autos |  |  | 1,920,072 |  |  |  | 2,503,990 |
Improvements |  |  | 212,431 |  |  |  | 175,560 |
Subtotal |  |  | 18,307,788 |  |  |  | 23,451,688 |
Accumulated Depreciation |  |  | (11,436,752 | ) |  |  | (14,069,064 | )
Property and Equipment, Net |  | $ | 6,871,036 |  |  | $ | 9,382,624 |
For the three and nine months ended March 31, 2023, depreciation expense totaled $507,314 and $1,598,325, respectively. Of these amounts, $327,177 and $1,029,012, respectively, are reflected in cost of revenues. 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. Following is a summary of fixed assets held under finance leases as of March 31, 2023 and June 30, 2022: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | March 31, 2023 |  |  | June 30, 2022 |
Vehicles |  | $ | 47,112 |  |  | $ | 305,081 |
Total |  |  | 47,112 |  |  |  | 305,081 |
Less: Accumulated Depreciation - Net |  |  | (15,218 | ) |  |  | (145,658 | )
Fixed assets held under finance leases, Total |  | $ | 31,894 |  |  | $ | 159,423 |
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements March 31, 2023 (Unaudited) Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | March 31, 2023 |  |  | June 30, 2022 |
Weighted average remaining lease term - Finance leases |  |  | 1.42 Years |  |  |  | 2.39 Years |
Weighted average discount rate - Finance leases |  |  | 16.4 | % |  |  | 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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