Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 9 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2021     June 30, 2020  
             
Office Furniture and Equipment   $ 3,488,507     $ 3,143,833  
Computer Equipment     20,250,373       19,256,543  
Assets Under Capital Leases     1,544,826       1,443,423  
Building     6,401,979       5,848,813  
Land     1,660,539       1,512,905  
Capital Work In Progress     31,489       27,648  
Autos     1,944,062       1,348,405  
Improvements     36,456       36,929  
Subtotal     35,358,231       32,618,499  
Accumulated Depreciation     (22,455,889 )     (21,288,868 )
Property and Equipment, Net   $ 12,902,342     $ 11,329,631  

 

For the three and nine months ended March 31, 2021, depreciation expense totaled $575,855 and $1,557,578, respectively. Of these amounts, $303,780 and $842,141, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2020, depreciation expense totaled $479,350 and $1,429,463, respectively. Of these amounts, $273,315 and $805,562, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under finance leases as of March 31, 2021 and June 30, 2020:

 

    As of     As of  
    March 31, 2021     June 30, 2020  
Computers and Other Equipment   $ 364,183     $ 328,621  
Furniture and Fixtures     56,722       51,119  
Vehicles     1,123,921       1,063,683  
Total     1,544,826       1,443,423  
Less: Accumulated Depreciation - Net     (803,250 )     (667,096 )
    $ 741,576     $ 776,327  

 

Finance lease term and discount rate were as follows:

 

    As of  
    March 31, 2021  
       
Weighted average remaining lease term - Finance leases     0.79 Years  
         
Weighted average discount rate - Finance leases     5.9 %