NETSOL Technologies, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT

	As of			As of
	March 31, 2024			June 30, 2023

Office Furniture and Equipment	$	2,469,658		$	2,678,664
Computer Equipment		8,561,715			8,317,131
Assets Under Capital Leases		154,762			46,554
Building		3,607,498			3,497,913
Land		914,722			885,474
Autos		1,964,370			1,941,063
Improvements		207,726			205,289
Subtotal		17,880,451			17,572,088
Accumulated Depreciation		(12,374,842	)		(11,410,902	)
Property and Equipment, Net	$	5,505,609		$	6,161,186

For the three and nine months ended March 31, 2024, depreciation expense totaled $391,290 and $1,225,198, respectively. Of these amounts, $250,126 and $781,442, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2023, depreciation expense totaled $507,314 and $1,598,325, respectively. Of these amounts, $327,177 and $1,029,012, respectively, are reflected in cost of revenues.

Following is a summary of fixed assets held under finance leases as of March 31, 2024 and June 30, 2023:

	As of			As of
	March 31, 2024			June 30, 2023
Vehicles	$	154,762		$	46,554
Total		154,762			46,554
Less: Accumulated Depreciation - Net		(18,647	)		(17,366	)
	$	136,115		$	29,188

Finance lease term and discount rate were as follows:

SCHEDULE OF FINANCE LEASE TERM

	As of			As of
	March 31, 2024			June 30, 2023

Weighted average remaining lease term - Finance leases		3 Years			1.21 Years

Weighted average discount rate - Finance leases		11.3	%		16.4	%

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2024

(Unaudited)