| 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 |
|
|