Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 11 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of December 31,     As of June 30,  
    2018     2018  
             
Office Furniture and Equipment   $ 3,320,282     $ 3,496,653  
Computer Equipment     21,293,119       23,708,034  
Assets Under Capital Leases     1,498,521       1,479,976  
Building     7,013,449       8,005,351  
Land     1,823,734       2,088,463  
Autos     1,056,694       1,053,749  
Improvements     158,584       324,023  
Subtotal     36,164,383       40,156,249  
Accumulated Depreciation     (22,158,842 )     (23,990,758 )
Property and Equipment, Net   $ 14,005,541     $ 16,165,491  

 

For the three months ended December 31, 2018, depreciation expense totaled $533,837 and $1,097,965, respectively. Of these amounts, $340,058 and $691,954, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2017, depreciation expense totaled $707,668 and $1,436,327, respectively. Of these amounts, $484,883 and $967,669, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of December 31, 2018 and June 30, 2018:

 

    As of December 31,     As of June 30,  
    2018     2018  
Computers and Other Equipment   $ 262,677     $ 228,581  
Furniture and Fixtures     65,084       65,084  
Vehicles     1,170,760       1,186,311  
Total     1,498,521       1,479,976  
Less: Accumulated Depreciation - Net     (473,630 )     (477,620 )
    $ 1,024,891     $ 1,002,356