Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.22.2.2
PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT 

                 
    As of     As of  
    June 30, 2022     June 30, 2021  
             
Office Furniture and Equipment   $ 3,021,586     $ 3,440,501  
Computer Equipment     11,388,856       18,681,991  
Assets Under Capital Leases     305,081       1,136,128  
Building     4,818,650       6,205,210  
Land     1,237,965       1,608,024  
Autos     2,503,990       1,770,147  
Improvements     175,560       35,592  
Subtotal     23,451,688       32,877,593  
Accumulated Depreciation     (14,069,064 )     (20,785,781 )
Property and Equipment, Net   $ 9,382,624     $ 12,091,812  

 

For the years ended June 30, 2022 and 2021, depreciation expense totaled $2,179,509 and $2,148,578, respectively. Of these amounts, $1,316,329 and $1,182,953, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of June 30, 2022 and 2021:

  

                 
    As of     As of  
    June 30, 2022     June 30, 2021  
Computers and Other Equipment   $ -     $ 169,487  
Furniture and Fixtures     -       57,509  
Vehicles     305,081       909,132  
Total     305,081       1,136,128  
Less: Accumulated Depreciation - Net     (145,658 )     (627,119 )
Fixed assets held under finance leases, Total   $ 159,423     $ 509,009  

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2022 and 2021

 

Finance lease term and discount rate were as follows:

  

    As of     As of  
    June 30, 2022     June 30, 2021  
             
Weighted average remaining lease term - Finance leases     2.39 Years        0.55 Years  
                 
Weighted average discount rate - Finance leases     12.5 %     5.6 %