| Property and Equipment |
NOTE 9 - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
| |
|
As of |
|
|
As of |
|
| |
|
June 30, 2021 |
|
|
June 30, 2020 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
3,440,501 |
|
|
$ |
3,143,833 |
|
| Computer Equipment |
|
|
18,681,991 |
|
|
|
19,256,543 |
|
| Assets Under Capital Leases |
|
|
1,136,128 |
|
|
|
1,443,423 |
|
| Building |
|
|
6,205,210 |
|
|
|
5,848,813 |
|
| Land |
|
|
1,608,024 |
|
|
|
1,512,905 |
|
| Capital Work In Progress |
|
|
- |
|
|
|
27,648 |
|
| Autos |
|
|
1,770,147 |
|
|
|
1,348,405 |
|
| Improvements |
|
|
35,592 |
|
|
|
36,929 |
|
| Subtotal |
|
|
32,877,593 |
|
|
|
32,618,499 |
|
| Accumulated Depreciation |
|
|
(20,785,781 |
) |
|
|
(21,288,868 |
) |
| Property and Equipment, Net |
|
$ |
12,091,812 |
|
|
$ |
11,329,631 |
|
For the years ended June 30, 2021 and 2020, depreciation
expense totaled $2,148,578 and $1,903,640, respectively. Of these amounts, $1,182,953 and $1,069,057, respectively, are reflected in cost
of revenues.
Following is a summary of fixed assets held under
capital leases as of June 30, 2021 and 2020:
| |
|
As of |
|
|
As of |
|
| |
|
June 30, 2021 |
|
|
June 30, 2020 |
|
| Computers and Other Equipment |
|
$ |
169,487 |
|
|
$ |
328,621 |
|
| Furniture and Fixtures |
|
|
57,509 |
|
|
|
51,119 |
|
| Vehicles |
|
|
909,132 |
|
|
|
1,063,683 |
|
| Total |
|
|
1,136,128 |
|
|
|
1,443,423 |
|
| Less: Accumulated Depreciation - Net |
|
|
(627,119 |
) |
|
|
(667,096 |
) |
| |
|
$ |
509,009 |
|
|
$ |
776,327 |
|
Finance lease term and discount rate were as follows:
| |
|
As of |
|
|
As of |
|
| |
|
June 30, 2021 |
|
|
June 30, 2020 |
|
| |
|
|
|
|
|
|
| Weighted average remaining lease term - Finance leases |
|
|
0.55 Years |
|
|
|
1.38 Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate - Finance leases |
|
|
5.6 |
% |
|
|
11.7 |
% |
|