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PROPERTY AND EQUIPMENT | 6 Months Ended
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Dec. 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 |
|  | December 31, 2024 |  |  | June 30, 2024 |
Office Furniture and Equipment |  | $ | 2,377,621 |  |  | $ | 2,352,940 |
Computer Equipment |  |  | 9,156,088 |  |  |  | 8,679,791 |
Assets Under Capital Leases |  |  | 133,897 |  |  |  | 154,718 |
Building |  |  | 3,597,784 |  |  |  | 3,602,819 |
Land |  |  | 912,129 |  |  |  | 913,473 |
Autos |  |  | 1,594,928 |  |  |  | 1,658,961 |
Improvements |  |  | 212,897 |  |  |  | 206,387 |
Subtotal |  |  | 17,985,344 |  |  |  | 17,569,089 |
Accumulated Depreciation |  |  | (13,050,846 | ) |  |  | (12,462,247 | )
Property and Equipment, Net |  | $ | 4,934,498 |  |  | $ | 5,106,842 |
For the three and six months ended December 31, 2024 and 2023, depreciation expense totaled $372,585 and $738,582, respectively. Of these amounts, $237,882 and $466,432, respectively, are reflected in cost of revenues. 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. NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2024 (Unaudited) Following is a summary of fixed assets held under finance leases as of December 31, 2024 and June 30, 2024: SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES
|  | As of |  |  | As of |
|  | December 31, 2024 |  |  | June 30, 2024 |
Vehicles |  | $ | 133,897 |  |  | $ | 154,718 |
Total |  |  | 133,897 |  |  |  | 154,718 |
Less: Accumulated Depreciation - Net |  |  | (27,478 | ) |  |  | (25,078 | )
Fixed assets held under capital leases, Total |  | $ | 106,419 |  |  | $ | 129,640 |
Finance lease term and discount rate were as follows: SCHEDULE OF FINANCE LEASE TERM
|  | As of |  |  | As of |
|  | December 31, 2024 |  |  | June 30, 2024 |
Weighted average remaining lease term - Finance leases |  |  | 2.25 Years |  |  |  | 2.75 Years |
Weighted average discount rate - Finance leases |  |  | 11.3 | % |  |  | 11.3 | %

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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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