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PROPERTY AND EQUIPMENT
 9 Months Ended
Mar. 31, 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 
   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:

 

   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:

 

   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)