Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 6 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

  As of     As of  
  December 31, 2022     June 30, 2022  
           
Office Furniture and Equipment   $ 2,905,429     $ 3,021,586  
Computer Equipment     11,712,255       11,388,856  
Assets Under Capital Leases     59,033       305,081  
Building     4,387,210       4,818,650  
Land     1,122,819       1,237,965  
Autos     2,500,251       2,503,990  
Improvements     228,291       175,560  
Subtotal     22,915,288       23,451,688  
Accumulated Depreciation     (14,195,631 )     (14,069,064 )
Property and Equipment, Net   $ 8,719,657     $ 9,382,624  

 

For the three and six months ended December 31, 2022, depreciation expense totaled $568,828 and $1,091,011, respectively. Of these amounts, $370,606 and $701,835, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2021, depreciation expense was $527,463 and $1,067,185, respectively. Of these amounts, $314,599 and $640,050, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under finance leases as of December 31, 2022 and June 30, 2022:

 

    As of     As of  
    December 31, 2022     June 30, 2022  
Vehicles   $ 59,033     $ 305,081  
Total     59,033       305,081  
Less: Accumulated Depreciation - Net     (16,117 )     (145,658 )
Fixed assets held under finance leases, Total   $ 42,916     $ 159,423  

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2022

(Unaudited)

 

Finance lease term and discount rate were as follows:

 

    As of     As of  
    December 31, 2022     June 30, 2022  
             
Weighted average remaining lease term - Finance leases     1.66 Years       2.39 Years  
                 
Weighted average discount rate - Finance leases     16.5 %     12.5 %