| PROPERTY AND EQUIPMENT |
NOTE
10 - PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
|
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:
SUMMARY
OF FIXED ASSETS HELD UNDER FINANCE LEASES
| |
|
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:
SCHEDULE OF FINANCE LEASE TERM
| |
|
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)
|