| PROPERTY AND EQUIPMENT |
NOTE
9 - PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
|
As of
September 30,
2023
|
|
|
As of
June 30,
2023
|
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
2,341,918 |
|
|
$ |
2,678,664 |
|
| Computer Equipment |
|
|
8,101,989 |
|
|
|
8,317,131 |
|
| Assets Under Capital Leases |
|
|
46,451 |
|
|
|
46,554 |
|
| Building |
|
|
3,490,534 |
|
|
|
3,497,913 |
|
| Land |
|
|
883,505 |
|
|
|
885,474 |
|
| Autos |
|
|
1,940,408 |
|
|
|
1,941,063 |
|
| Improvements |
|
|
202,241 |
|
|
|
205,289 |
|
| Subtotal |
|
|
17,007,046 |
|
|
|
17,572,088 |
|
| Accumulated Depreciation |
|
|
(11,236,252 |
) |
|
|
(11,410,902 |
) |
| Property and Equipment, Net |
|
$ |
5,770,794 |
|
|
$ |
6,161,186 |
|
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(Unaudited)
For
the three months ended September 30, 2023 and 2022, depreciation expense totaled $404,745 and $522,183, respectively. Of these amounts,
$266,942 and $331,229, respectively, are reflected in cost of revenues.
Following
is a summary of fixed assets held under finance leases as of September 30, 2023 and June 30, 2023:
SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
| |
|
As of
September 30,
2023
|
|
|
As of
June 30,
2023
|
|
| Vehicles |
|
$ |
46,451 |
|
|
$ |
46,554 |
|
| Total |
|
|
46,451 |
|
|
|
46,554 |
|
| Less: Accumulated Depreciation - Net |
|
|
(19,650 |
) |
|
|
(17,366 |
) |
| Fixed assets
held under capital leases, Total |
|
$ |
26,801 |
|
|
$ |
29,188 |
|
Finance
lease term and discount rate were as follows:
SCHEDULE OF FINANCE LEASE TERM
| |
|
As of
September 30,
2023 |
|
|
As of
June 30,
2023 |
|
| |
|
|
|
|
|
|
| Weighted average remaining lease term - Finance leases |
|
|
1 Years |
|
|
|
1.21 Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate - Finance leases |
|
|
16.4 |
% |
|
|
16.4 |
% |
|