PROPERTY AND EQUIPMENT
|9 Months Ended|
Mar. 31, 2022
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT||
NOTE 10 - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
For the three and nine months ended March 31, 2022, depreciation expense was $540,822 and $1,608,007, respectively. Of these amounts, $334,476 and $974,526, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2021, depreciation expense was $575,855 and $1,557,578, respectively. Of these amounts, $303,780 and $842,141, respectively, are reflected in cost of revenues.
Following is a summary of fixed assets held under finance leases as of March 31, 2022 and June 30, 2021:
SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
Finance lease term and discount rate were as follows:
SCHEDULE OF FINANCE LEASE TERM
NETSOL TECHNOLOGIES, INC.
Notes to Condensed Consolidated Financial Statements
March 31, 2022
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef