| Property and Equipment |
NOTE 7 – PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
| |
|
As of June 30, |
|
|
As of June 30, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
3,346,156 |
|
|
$ |
3,104,375 |
|
| Computer Equipment |
|
|
25,935,620 |
|
|
|
25,911,422 |
|
| Assets Under Capital Leases |
|
|
2,409,074 |
|
|
|
1,887,767 |
|
| Building |
|
|
9,185,570 |
|
|
|
8,743,130 |
|
| Land |
|
|
2,410,664 |
|
|
|
2,451,577 |
|
| Capital Work In Progress |
|
|
- |
|
|
|
392,243 |
|
| Autos |
|
|
1,073,447 |
|
|
|
943,873 |
|
| Improvements |
|
|
385,135 |
|
|
|
204,779 |
|
| Subtotal |
|
|
44,745,666 |
|
|
|
43,639,166 |
|
| Accumulated Depreciation |
|
|
(21,971,231 |
) |
|
|
(18,519,532 |
) |
| Property and Equipment, Net |
|
$ |
22,774,435 |
|
|
$ |
25,119,634 |
|
For the years ended June 30, 2016 and 2015,
depreciation expense totaled $4,387,121 and $5,671,155, respectively. Of these amounts, $3,161,951 and $3,888,122 are reflected
as part of cost of revenues for the years ended June 30, 2016 and 2015, respectively.
Following is a summary of fixed assets held
under capital leases as of June 30, 2016 and 2015, respectively:
| |
|
As of June 30, |
|
|
As of June 30, |
|
| |
|
2016 |
|
|
2015 |
|
| Computers and Other Equipment |
|
$ |
503,926 |
|
|
$ |
590,625 |
|
| Furniture and Fixtures |
|
|
408,200 |
|
|
|
414,023 |
|
| Vehicles |
|
|
1,496,948 |
|
|
|
883,119 |
|
| Total |
|
|
2,409,074 |
|
|
|
1,887,767 |
|
| Less: Accumulated Depreciation - Net |
|
|
(713,248 |
) |
|
|
(577,215 |
) |
| |
|
$ |
1,695,826 |
|
|
$ |
1,310,552 |
|
|