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PROPERTY AND EQUIPMENT
 3 Months Ended
Sep. 30, 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 
   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:

 

   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:

 

   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)