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PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   As of   As of 
   June 30, 2024   June 30, 2023 
         
Office Furniture and Equipment  $2,352,940   $2,678,664 
Computer Equipment   8,679,791    8,317,131 
Assets Under Capital Leases   154,718    46,554 
Building   3,602,819    3,497,913 
Land   913,473    885,474 
Autos   1,658,961    1,941,063 
Improvements   206,387    205,289 
Subtotal   17,569,089    17,572,088 
Accumulated Depreciation   (12,462,247)   (11,410,902)
Property and Equipment, Net  $5,106,842   $6,161,186 

 

For the years ended June 30, 2024 and 2023, depreciation expense totaled $1,595,959 and $2,072,897, respectively. Of these amounts, $1,018,768 and $1,332,405, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of June 30, 2024 and 2023:

 

   As of   As of 
   June 30, 2024   June 30, 2023 
Vehicles  $154,718   $46,554 
Total   154,718    46,554 
Less: Accumulated Depreciation - Net   (25,078)   (17,366)
Fixed assets held under capital leases, Total  $129,640   $29,188 

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2024 and 2023

 

Finance lease term and discount rate were as follows:

 

   As of   As of 
   June 30, 2024   June 30, 2023 
         
Weighted average remaining lease term - Finance leases   2.75 Years    1.21 Years 
           
Weighted average discount rate - Finance leases   11.3%   16.4%