Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.1.9
Property and Equipment
 9 Months Ended
Mar. 31, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 – PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2015     June 30, 2014  
             
Office Furniture and Equipment   $ 2,217,107     $ 2,628,814  
Computer Equipment     25,869,449       27,215,091  
Assets Under Capital Leases     1,914,014       1,861,445  
Building     5,999,422       6,259,290  
Land     3,212,179       3,351,316  
Capital Work In Progress     3,291,253       2,812,181  
Autos     993,046       999,277  
Improvements     205,990       533,102  
Subtotal     43,702,460       45,660,516  
Accumulated Depreciation     (17,291,645 )     (15,939,388 )
Property and Equipment, Net   $ 26,410,815     $ 29,721,128  

 

For the three and nine months ended March 31, 2015, depreciation expense totaled $1,504,330 and $4,233,689, respectively. Of these amounts, $1,038,817 and $2,889,772, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2014, depreciation expense totaled $1,325,978 and $3,439,885, respectively. Of these amounts, $858,334 and $2,188,334, respectively, are reflected in cost of revenues.

 

The Company’s capital work in progress consists of ongoing enhancements to its facilities and infrastructure necessary to meet expected long term growth needs. Accumulated capitalized interest was $817,842 and $664,614 as of March 31, 2015 and June 30, 2014, respectively.

 

Following is a summary of fixed assets held under capital leases as of March 31, 2015 and June 30, 2014:

 

    As of     As of  
    March 31, 2015     June 30, 2014  
Computers and Other Equipment   $ 672,293     $ 731,354  
Furniture and Fixtures     351,004       280,184  
Vehicles     890,717       849,907  
Total     1,914,014       1,861,445  
Less: Accumulated Depreciation - Net     (585,074 )     (469,336 )
    $ 1,328,940     $ 1,392,109