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PROPERTY AND EQUIPMENT | 6 Months Ended
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Dec. 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 |
|  | December 31, 2023 |  |  | June 30, 2023 |
Office Furniture and Equipment |  | $ | 2,427,955 |  |  | $ | 2,678,664 |
Computer Equipment |  |  | 8,432,290 |  |  |  | 8,317,131 |
Assets Under Capital Leases |  |  | 47,793 |  |  |  | 46,554 |
Building |  |  | 3,586,175 |  |  |  | 3,497,913 |
Land |  |  | 909,031 |  |  |  | 885,474 |
Autos |  |  | 2,074,702 |  |  |  | 1,941,063 |
Improvements |  |  | 212,978 |  |  |  | 205,289 |
Subtotal |  |  | 17,690,924 |  |  |  | 17,572,088 |
Accumulated Depreciation |  |  | (12,025,225 | ) |  |  | (11,410,902 | )
Property and Equipment, Net |  | $ | 5,665,699 |  |  | $ | 6,161,186 |
For the three and six months ended December 31, 2023, depreciation expense totaled $429,163 and $833,908, respectively. Of these amounts, $264,374 and $531,316, respectively, are reflected in cost of revenues. 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. Following is a summary of fixed assets held under finance leases as of December 31, 2023 and June 30, 2023: SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | December 31, 2023 |  |  | June 30, 2023 |
Vehicles |  | $ | 47,793 |  |  | $ | 46,554 |
Total |  |  | 47,793 |  |  |  | 46,554 |
Less: Accumulated Depreciation - Net |  |  | (22,607 | ) |  |  | (17,366 | )
Fixed assets held under capital leases, Total |  | $ | 25,186 |  |  | $ | 29,188 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  | As of |
|  | December 31, 2023 |  | June 30, 2023 |
Weighted average remaining lease term - Finance leases |  | 0.84 Years |  | 1.21 Years |
Weighted average discount rate - Finance leases |  | 16.4% |  | 16.4% |
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2023 (Unaudited)

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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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