Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Mar. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 8 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2016     June 30, 2015  
             
Office Furniture and Equipment   $ 3,287,876     $ 3,104,375  
Computer Equipment     25,728,409       25,911,422  
Assets Under Capital Leases     2,090,273       1,887,767  
Building     8,989,221       8,743,130  
Land     2,400,421       2,451,577  
Capital Work In Progress     311,153       392,243  
Autos     974,070       943,873  
Improvements     383,499       204,779  
Subtotal     44,164,922       43,639,166  
Accumulated Depreciation     (20,986,572 )     (18,519,532 )
Property and Equipment, Net   $ 23,178,350     $ 25,119,634  

 

For the three and nine months ended March 31, 2016, depreciation expense totaled $1,115,544 and $3,242,057, respectively. Of these amounts, $796,722 and $2,344,039, respectively, are reflected in cost of revenues. 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.

 

Following is a summary of fixed assets held under capital leases as of March 31, 2016 and June 30, 2015:

 

    As of     As of  
    March 31, 2016     June 30, 2015  
Computers and Other Equipment   $ 516,208     $ 590,625  
Furniture and Fixtures     406,742       414,023  
Vehicles     1,167,323       883,119  
Total     2,090,273       1,887,767  
Less: Accumulated Depreciation - Net     (675,524 )     (577,215 )
    $ 1,414,749     $ 1,310,552