| 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, 2023 |
|
|
June
30, 2022 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
2,678,664 |
|
|
$ |
3,021,586 |
|
| Computer Equipment |
|
|
8,317,131 |
|
|
|
11,388,856 |
|
| Assets Under Capital Leases |
|
|
46,554 |
|
|
|
305,081 |
|
| Building |
|
|
3,497,913 |
|
|
|
4,818,650 |
|
| Land |
|
|
885,474 |
|
|
|
1,237,965 |
|
| Autos |
|
|
1,941,063 |
|
|
|
2,503,990 |
|
| Improvements |
|
|
205,289 |
|
|
|
175,560 |
|
| Subtotal |
|
|
17,572,088 |
|
|
|
23,451,688 |
|
| Accumulated Depreciation |
|
|
(11,410,902 |
) |
|
|
(14,069,064 |
) |
| Property and Equipment,
Net |
|
$ |
6,161,186 |
|
|
$ |
9,382,624 |
|
For
the years ended June 30, 2023 and 2022, depreciation expense totaled $2,072,897 and $2,179,509, respectively. Of these amounts, $1,332,405
and $1,316,329, respectively, are reflected in cost of revenues.
Following
is a summary of fixed assets held under capital leases as of June 30, 2023 and 2022:
SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
| |
|
As of |
|
|
As of |
|
| |
|
June
30, 2023 |
|
|
June
30, 2022 |
|
| Vehicles |
|
$ |
46,554 |
|
|
$ |
305,081 |
|
| Total |
|
|
46,554 |
|
|
|
305,081 |
|
| Less: Accumulated Depreciation
- Net |
|
|
(17,366 |
) |
|
|
(145,658 |
) |
| Fixed assets held under
capital leases, Total |
|
$ |
29,188 |
|
|
$ |
159,423 |
|
Finance
lease term and discount rate were as follows:
SCHEDULE OF FINANCE LEASE TERM
| |
|
As of |
|
|
As of |
|
| |
|
June
30, 2023 |
|
|
June
30, 2022 |
|
| |
|
|
|
|
|
|
| Weighted
average remaining lease term - Finance leases |
|
|
1.21
Years |
|
|
|
2.39
Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount
rate - Finance leases |
|
|
16.4% |
|
|
|
12.5% |
|
NETSOL
TECHNOLOGIES, INC.
Notes
to Consolidated Financial Statements
June
30, 2023 and 2022
|