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PROPERTY AND EQUIPMENT | 9 Months Ended
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Mar. 31, 2024
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, 2024 |  |  | June 30, 2023 |
Office Furniture and Equipment |  | $ | 2,469,658 |  |  | $ | 2,678,664 |
Computer Equipment |  |  | 8,561,715 |  |  |  | 8,317,131 |
Assets Under Capital Leases |  |  | 154,762 |  |  |  | 46,554 |
Building |  |  | 3,607,498 |  |  |  | 3,497,913 |
Land |  |  | 914,722 |  |  |  | 885,474 |
Autos |  |  | 1,964,370 |  |  |  | 1,941,063 |
Improvements |  |  | 207,726 |  |  |  | 205,289 |
Subtotal |  |  | 17,880,451 |  |  |  | 17,572,088 |
Accumulated Depreciation |  |  | (12,374,842 | ) |  |  | (11,410,902 | )
Property and Equipment, Net |  | $ | 5,505,609 |  |  | $ | 6,161,186 |
For the three and nine months ended March 31, 2024, depreciation expense totaled $391,290 and $1,225,198, respectively. Of these amounts, $250,126 and $781,442, respectively, are reflected in cost of revenues. 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. Following is a summary of fixed assets held under finance leases as of March 31, 2024 and June 30, 2023: SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | March 31, 2024 |  |  | June 30, 2023 |
Vehicles |  | $ | 154,762 |  |  | $ | 46,554 |
Total |  |  | 154,762 |  |  |  | 46,554 |
Less: Accumulated Depreciation - Net |  |  | (18,647 | ) |  |  | (17,366 | )
Fixed assets held under capital leases, Total |  | $ | 136,115 |  |  | $ | 29,188 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | March 31, 2024 |  |  | June 30, 2023 |
Weighted average remaining lease term - Finance leases |  |  | 3 Years |  |  |  | 1.21 Years |
Weighted average discount rate - Finance leases |  |  | 11.3 | % |  |  | 16.4 | %
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements March 31, 2024 (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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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