Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
3 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 11 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    September 30, 2018     June 30, 2018  
             
Office Furniture and Equipment   $ 3,490,984     $ 3,496,653  
Computer Equipment     23,527,408       23,708,034  
Assets Under Capital Leases     1,524,146       1,479,976  
Building     7,882,598       8,005,351  
Land     2,055,701       2,088,463  
Autos     1,006,504       1,053,749  
Improvements     158,815       324,023  
Subtotal     39,646,156       40,156,249  
Accumulated Depreciation     (23,996,028 )     (23,990,758 )
Property and Equipment, Net   $ 15,650,128     $ 16,165,491  

 

For the three months ended September 30, 2018 and 2017, depreciation expense totaled $564,128 and $728,659, respectively. Of these amounts, $351,896 and $482,786, respectively, are reflected in cost of revenues.

 

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

 

    As of     As of  
    September 30, 2018     June 30, 2018  
Computers and Other Equipment   $ 275,770     $ 228,581  
Furniture and Fixtures     65,084       65,084  
Vehicles     1,183,292       1,186,311  
Total     1,524,146       1,479,976  
Less: Accumulated Depreciation - Net     (526,498 )     (477,620 )
    $ 997,648     $ 1,002,356