Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 12 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    June 30, 2019     June 30, 2018  
             
Office Furniture and Equipment   $ 3,125,382     $ 3,496,653  
Computer Equipment     18,905,603       23,708,034  
Assets Under Capital Leases     1,720,490       1,479,976  
Building     6,021,939       8,005,351  
Land     1,559,111       2,088,463  
Autos     1,024,754       1,053,749  
Improvements     111,165       324,023  
Subtotal     32,468,444       40,156,249  
Accumulated Depreciation     (20,371,589 )     (23,990,758 )
Property and Equipment, Net   $ 12,096,855     $ 16,165,491  

 

For the years ended June 30, 2019 and 2018, depreciation expense totaled $2,285,225 and $2,927,573, respectively. Of these amounts, $1,387,425 and $1,964,836, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of June 30, 2019 and 2018:

 

    As of     As of  
    June 30, 2019     June 30, 2018  
Computers and Other Equipment   $ 324,466     $ 228,581  
Furniture and Fixtures     65,084       65,084  
Vehicles     1,330,940       1,186,311  
Total     1,720,490       1,479,976  
Less: Accumulated Depreciation - Net     (538,564 )     (477,620 )
    $ 1,181,926     $ 1,002,356