Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2018     June 30, 2017  
             
Office Furniture and Equipment   $ 3,844,617     $ 3,755,710  
Computer Equipment     25,142,979       26,693,730  
Assets Under Capital Leases     1,571,110       1,965,650  
Building     8,421,016       9,243,866  
Land     2,199,399       2,428,626  
Autos     1,312,148       1,270,339  
Improvements     525,118       592,652  
Subtotal     43,016,387       45,950,573  
Accumulated Depreciation     (25,490,160 )     (25,579,870 )
Property and Equipment, Net   $ 17,526,227     $ 20,370,703  

 

For the three and nine months ended March 31, 2018, depreciation expense totaled $705,429 and $2,141,756, respectively. Of these amounts, $474,121 and $1,441,790, respectively, are reflected in cost of revenues. 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.

 

Following is a summary of fixed assets held under capital leases as of March 31, 2018 and June 30, 2017:

 

    As of     As of  
    March 31, 2018     June 30, 2017  
Computers and Other Equipment   $ 249,262     $ 309,863  
Furniture and Fixtures     65,084       227,914  
Vehicles     1,256,764       1,427,873  
Total     1,571,110       1,965,650  
Less: Accumulated Depreciation - Net     (568,816 )     (711,622 )
    $ 1,002,294     $ 1,254,028