Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3.a.u2
Property and Equipment
6 Months Ended
Dec. 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  
    December 31, 2019     June 30, 2019  
             
Office Furniture and Equipment   $ 3,326,658     $ 3,125,382  
Computer Equipment     20,242,827       18,905,603  
Assets Under Capital Leases     1,671,055       1,720,490  
Building     6,331,664       6,021,939  
Land     1,641,773       1,559,111  
Capital Work In Progress     13,859       -  
Autos     1,403,884       1,024,754  
Improvements     96,223       111,165  
Subtotal     34,727,943       32,468,444  
Accumulated Depreciation     (22,059,254 )     (20,371,589 )
Property and Equipment, Net   $ 12,668,689     $ 12,096,855  

 

For the three and six months ended December 31, 2019, depreciation expense totaled $484,662 and $950,113, respectively. Of these amounts, $269,183 and $532,247, respectively, are reflected in cost of revenues. 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.

  

Following is a summary of fixed assets held under finance leases as of December 31, 2019 and June 30, 2019:

 

    As of     As of  
    December 31, 2019     June 30, 2019  
Computers and Other Equipment   $ 340,367     $ 324,466  
Furniture and Fixtures     65,084       65,084  
Vehicles     1,265,604       1,330,940  
Total     1,671,055       1,720,490  
Less: Accumulated Depreciation - Net     (638,759 )     (538,564 )
    $ 1,032,296     $ 1,181,926  

 

Finance lease term and discount rate were as follows:

 

    As of  
    December 31, 2019  
       
Weighted average remaining lease term - finance leases     1.9 Years  
         
Weighted average discount rate - finance leases     13.0 %