Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    June 30, 2024     June 30, 2023  
             
Office Furniture and Equipment   $ 2,352,940     $ 2,678,664  
Computer Equipment     8,679,791       8,317,131  
Assets Under Capital Leases     154,718       46,554  
Building     3,602,819       3,497,913  
Land     913,473       885,474  
Autos     1,658,961       1,941,063  
Improvements     206,387       205,289  
Subtotal     17,569,089       17,572,088  
Accumulated Depreciation     (12,462,247 )     (11,410,902 )
Property and Equipment, Net   $ 5,106,842     $ 6,161,186  

 

For the years ended June 30, 2024 and 2023, depreciation expense totaled $1,595,959 and $2,072,897, respectively. Of these amounts, $1,018,768 and $1,332,405, respectively, are reflected in cost of revenues.

 

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

 

    As of     As of  
    June 30, 2024     June 30, 2023  
Vehicles   $ 154,718     $ 46,554  
Total     154,718       46,554  
Less: Accumulated Depreciation - Net     (25,078 )     (17,366 )
Fixed assets held under capital leases, Total   $ 129,640     $ 29,188  

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2024 and 2023

 

Finance lease term and discount rate were as follows:

 

    As of     As of  
    June 30, 2024     June 30, 2023  
             
Weighted average remaining lease term - Finance leases     2.75 Years       1.21 Years  
                 
Weighted average discount rate - Finance leases     11.3 %     16.4 %