Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.21.2
PROPERTY AND EQUIPMENT
3 Months Ended
Sep. 30, 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  
   

September 30,

2021

   

June 30,

2021

 
             
Office Furniture and Equipment   $ 3,234,460     $ 3,440,501  
Computer Equipment     15,266,280       18,681,991  
Assets Under Capital Leases     1,019,445       1,136,128  
Building     5,751,992       6,205,210  
Land     1,487,065       1,608,024  
Autos     1,644,324       1,770,147  
Improvements     84,836       35,592  
Subtotal     28,488,402       32,877,593  
Accumulated Depreciation     (17,666,533 )     (20,785,781 )
Property and Equipment, Net   $ 10,821,869     $ 12,091,812  

 

For the three months ended September 30, 2021 and 2020, depreciation expense totaled $539,722 and $496,267, respectively. Of these amounts, $325,451 and $274,477, respectively, are reflected in cost of revenues.

 

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

 

    As of     As of  
   

September 30,

2021

   

June 30,

2021

 
Computers and Other Equipment   $ 126,088     $ 169,487  
Furniture and Fixtures     55,955       57,509  
Vehicles     837,402       909,132  
Total     1,019,445       1,136,128  
Less: Accumulated Depreciation - Net     (581,143 )     (627,119 )
    $ 438,302     $ 509,009  

 

Finance lease term and discount rate were as follows:

 

    As of     As of  
   

September 30,

2021

   

June 30,

2021

 
             
Weighted average remaining lease term - Finance leases     1.75 Years       0.55 Years  
                 
Weighted average discount rate - Finance leases     6.1 %     5.6 %

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2021

(Unaudited)