Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of
March 31, 2017 		    As of
June 30, 2016 		 
             
Office Furniture and Equipment   $ 3,644,613     $ 3,346,156  
Computer Equipment     26,298,233       25,935,620  
Assets Under Capital Leases     2,393,615       2,409,074  
Building     9,208,029       9,185,570  
Land     2,418,461       2,410,664  
Autos     1,211,460       1,073,447  
Improvements     428,464       385,135  
Subtotal     45,602,875       44,745,666  
Accumulated Depreciation     (24,396,899 )     (21,971,231 )
Property and Equipment, Net   $ 21,205,976     $ 22,774,435  

 

For the three and nine months ended March 31, 2017, depreciation expense totaled $930,712 and $2,732,693, respectively. Of these amounts, $646,070 and $1,907,469, respectively, are reflected in cost of revenues. 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.

 

Following is a summary of fixed assets held under capital leases as of March 31, 2017 and June 30, 2016:

 

    As of
March 31, 2017 		    As of
June 30, 2016 		 
Computers and Other Equipment   $ 378,765     $ 503,926  
Furniture and Fixtures     227,232       408,200  
Vehicles     1,787,618       1,496,948  
Total     2,393,615       2,409,074  
Less: Accumulated Depreciation - Net     (749,736 )     (713,248 )
    $ 1,643,879     $ 1,695,826