Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.6.0.2
Property and Equipment
 6 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of
December 31, 2016 		    As of
June 30, 2016 		 
Office Furniture and Equipment   $ 3,434,984     $ 3,346,156  
Computer Equipment     26,125,171       25,935,620  
Assets Under Capital Leases     2,557,974       2,409,074  
Building     9,244,025       9,185,570  
Land     2,427,467       2,410,664  
Autos     1,219,978       1,073,447  
Improvements     387,820       385,135  
Subtotal     45,397,419       44,745,666  
Accumulated Depreciation     (23,524,142 )     (21,971,231 )
Property and Equipment, Net   $ 21,873,277     $ 22,774,435  

 

For the three and six months ended December 31, 2016, depreciation expense totaled $902,678 and $1,801,981, respectively. Of these amounts, $631,193 and $1,261,399, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2015, depreciation expense totaled $1,060,216 and $2,124,105, respectively. Of these amounts, $774,600 and $1,547,317, respectively, are reflected in cost of revenues.

  

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

 

    As of
December 31, 2016 		    As of
June 30, 2016 		 
Computers and Other Equipment   $ 387,033     $ 503,926  
Furniture and Fixtures     410,591       408,200  
Vehicles     1,760,350       1,496,948  
Total     2,557,974       2,409,074  
Less:  Accumulated Depreciation - Net     (790,786 )     (713,248 )
    $ 1,767,188     $ 1,695,826