| PROPERTY AND EQUIPMENT |
NOTE
9 - PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
|
As
of |
|
|
As
of |
|
| |
|
September
30, 2024 |
|
|
June
30, 2024 |
|
| |
|
|
|
|
|
|
| Office
Furniture and Equipment |
|
$ |
2,460,155 |
|
|
$ |
2,352,940 |
|
| Computer
Equipment |
|
|
8,937,643 |
|
|
|
8,679,791 |
|
| Assets
Under Capital Leases |
|
|
161,298 |
|
|
|
154,718 |
|
| Building |
|
|
3,610,337 |
|
|
|
3,602,819 |
|
| Land |
|
|
915,479 |
|
|
|
913,473 |
|
| Autos |
|
|
1,681,785 |
|
|
|
1,658,961 |
|
| Improvements |
|
|
220,748 |
|
|
|
206,387 |
|
| Subtotal |
|
|
17,987,445 |
|
|
|
17,569,089 |
|
| Accumulated
Depreciation |
|
|
(13,139,576 |
) |
|
|
(12,462,247 |
) |
| Property
and Equipment, Net |
|
$ |
4,847,869 |
|
|
$ |
5,106,842 |
|
For
the three months ended September 30, 2024 and 2023, depreciation expense totaled $365,997 and $404,745, respectively. Of these amounts,
$228,550 and $266,942, respectively, are reflected in cost of revenues.
Following
is a summary of fixed assets held under finance leases as of September 30, 2024 and June 30, 2024:
SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES
| |
|
As
of |
|
|
As
of |
|
| |
|
September
30, 2024 |
|
|
June
30, 2024 |
|
| Vehicles |
|
$ |
161,298 |
|
|
$ |
154,718 |
|
| Total |
|
|
161,298 |
|
|
|
154,718 |
|
| Less:
Accumulated Depreciation - Net |
|
|
(39,690 |
) |
|
|
(25,078 |
) |
| Fixed
assets held under capital leases, Total |
|
$ |
121,608 |
|
|
$ |
129,640 |
|
Finance
lease term and discount rate were as follows:
SCHEDULE OF FINANCE LEASE TERM
| |
|
As
of |
|
|
As
of |
|
| |
|
September
30, 2024 |
|
|
June
30, 2024 |
|
| |
|
|
|
|
|
|
| Weighted
average remaining lease term - Finance leases |
|
|
2.5
Years |
|
|
|
2.75
Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted
average discount rate - Finance leases |
|
|
11.3 |
% |
|
|
11.3 |
% |
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
September
30, 2024
(Unaudited)
|