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PROPERTY AND EQUIPMENT
 6 Months Ended
Dec. 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 
  

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:

 

   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:

 

   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)