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PROPERTY AND EQUIPMENT | 3 Months Ended
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Sep. 30, 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 |
|  | September 30, 2024 |  |  | June 30, 2024 |
Office Furniture and Equipment |  | $ | 2,460,155 |  |  | $ | 2,352,940 |
Computer Equipment |  |  | 8,937,643 |  |  |  | 8,679,791 |
Assets Under Capital Leases |  |  | 161,298 |  |  |  | 154,718 |
Building |  |  | 3,610,337 |  |  |  | 3,602,819 |
Land |  |  | 915,479 |  |  |  | 913,473 |
Autos |  |  | 1,681,785 |  |  |  | 1,658,961 |
Improvements |  |  | 220,748 |  |  |  | 206,387 |
Subtotal |  |  | 17,987,445 |  |  |  | 17,569,089 |
Accumulated Depreciation |  |  | (13,139,576 | ) |  |  | (12,462,247 | )
Property and Equipment, Net |  | $ | 4,847,869 |  |  | $ | 5,106,842 |
For the three months ended September 30, 2024 and 2023, depreciation expense totaled $365,997 and $404,745, respectively. Of these amounts, $228,550 and $266,942, respectively, are reflected in cost of revenues. Following is a summary of fixed assets held under finance leases as of September 30, 2024 and June 30, 2024: SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | September 30, 2024 |  |  | June 30, 2024 |
Vehicles |  | $ | 161,298 |  |  | $ | 154,718 |
Total |  |  | 161,298 |  |  |  | 154,718 |
Less: Accumulated Depreciation - Net |  |  | (39,690 | ) |  |  | (25,078 | )
Fixed assets held under capital leases, Total |  | $ | 121,608 |  |  | $ | 129,640 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | September 30, 2024 |  |  | June 30, 2024 |
Weighted average remaining lease term - Finance leases |  |  | 2.5 Years |  |  |  | 2.75 Years |
Weighted average discount rate - Finance leases |  |  | 11.3 | % |  |  | 11.3 | %
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements September 30, 2024 (Unaudited)

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