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PROPERTY AND EQUIPMENT
 9 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   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:

 

   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:

 

   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%