Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.1
Property and Equipment
 9 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 11 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2019     June 30, 2018  
             
Office Furniture and Equipment   $ 3,407,947     $ 3,496,653  
Computer Equipment     21,354,509       23,708,034  
Assets Under Capital Leases     2,091,538       1,479,976  
Building     6,958,502       8,005,351  
Land     1,809,070       2,088,463  
Autos     1,153,028       1,053,749  
Improvements     126,654       324,023  
Subtotal     36,901,248       40,156,249  
Accumulated Depreciation     (22,526,986 )     (23,990,758 )
Property and Equipment, Net   $ 14,374,262     $ 16,165,491  

 

For the three and nine months ended March 31, 2019, depreciation expense totaled $606,641 and $1,704,606, respectively. Of these amounts, $354,199 and $1,046,153, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2018, depreciation expense totaled $705,429 and $2,141,756, respectively. Of these amounts, $474,121 and $1,441,790, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of March 31, 2019 and June 30, 2018:

 

    As of     As of  
    March 31, 2019     June 30, 2018  
Computers and Other Equipment   $ 339,781     $ 228,581  
Furniture and Fixtures     65,084       65,084  
Vehicles     1,686,673       1,186,311  
Total     2,091,538       1,479,976  
Less: Accumulated Depreciation - Net     (586,514 )     (477,620 )
    $ 1,505,024     $ 1,002,356