Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.21.2
Property and Equipment
12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    June 30, 2021     June 30, 2020  
             
Office Furniture and Equipment   $ 3,440,501     $ 3,143,833  
Computer Equipment     18,681,991       19,256,543  
Assets Under Capital Leases     1,136,128       1,443,423  
Building     6,205,210       5,848,813  
Land     1,608,024       1,512,905  
Capital Work In Progress     -       27,648  
Autos     1,770,147       1,348,405  
Improvements     35,592       36,929  
Subtotal     32,877,593       32,618,499  
Accumulated Depreciation     (20,785,781 )     (21,288,868 )
Property and Equipment, Net   $ 12,091,812     $ 11,329,631  

 

For the years ended June 30, 2021 and 2020, depreciation expense totaled $2,148,578 and $1,903,640, respectively. Of these amounts, $1,182,953 and $1,069,057, respectively, are reflected in cost of revenues.

 

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

 

    As of     As of  
    June 30, 2021     June 30, 2020  
Computers and Other Equipment   $ 169,487     $ 328,621  
Furniture and Fixtures     57,509       51,119  
Vehicles     909,132       1,063,683  
Total     1,136,128       1,443,423  
Less: Accumulated Depreciation - Net     (627,119 )     (667,096 )
    $ 509,009     $ 776,327  

 

Finance lease term and discount rate were as follows:

 

    As of     As of  
    June 30, 2021     June 30, 2020  
             
Weighted average remaining lease term - Finance leases      0.55 Years        1.38 Years  
                 
Weighted average discount rate - Finance leases     5.6 %     11.7 %