| Property and Equipment |
NOTE 9
– PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
| |
|
As of June 30, |
|
|
As of June 30, |
|
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
3,496,653 |
|
|
$ |
3,755,710 |
|
| Computer Equipment |
|
|
23,708,034 |
|
|
|
26,693,730 |
|
| Assets Under Capital Leases |
|
|
1,479,976 |
|
|
|
1,965,650 |
|
| Building |
|
|
8,005,351 |
|
|
|
9,243,866 |
|
| Land |
|
|
2,088,463 |
|
|
|
2,428,626 |
|
| Autos |
|
|
1,053,749 |
|
|
|
1,270,339 |
|
| Improvements |
|
|
324,023 |
|
|
|
592,652 |
|
| Subtotal |
|
|
40,156,249 |
|
|
|
45,950,573 |
|
| Accumulated Depreciation |
|
|
(23,990,758 |
) |
|
|
(25,579,870 |
) |
| Property and Equipment, Net |
|
$ |
16,165,491 |
|
|
$ |
20,370,703 |
|
For the years ended June 30, 2018 and 2017,
depreciation expense totaled $2,927,573 and $3,785,334, respectively. Of these amounts, $1,964,836 and $2,671,586 are reflected
as part of cost of revenues for the years ended June 30, 2018 and 2017, respectively.
Following is a summary of fixed assets held
under capital leases:
| |
|
As of June 30, |
|
|
As of June 30, |
|
| |
|
2018 |
|
|
2017 |
|
| Computers and Other Equipment |
|
$ |
228,581 |
|
|
$ |
309,863 |
|
| Furniture and Fixtures |
|
|
65,084 |
|
|
|
227,914 |
|
| Vehicles |
|
|
1,186,311 |
|
|
|
1,427,873 |
|
| Total |
|
|
1,479,976 |
|
|
|
1,965,650 |
|
| Less: Accumulated Depreciation - Net |
|
|
(477,620 |
) |
|
|
(711,622 |
) |
| |
|
$ |
1,002,356 |
|
|
$ |
1,254,028 |
|
|