Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 9 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 11 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2020     June 30, 2019  
             
Office Furniture and Equipment   $ 3,132,869     $ 3,125,382  
Computer Equipment     19,077,749       18,905,603  
Assets Under Capital Leases     1,553,868       1,720,490  
Building     5,905,714       6,021,939  
Land     1,528,091       1,559,111  
Capital Work In Progress     12,899       -  
Autos     1,301,193       1,024,754  
Improvements     87,609       111,165  
Subtotal     32,599,992       32,468,444  
Accumulated Depreciation     (21,046,178 )     (20,371,589 )
Property and Equipment, Net   $ 11,553,814     $ 12,096,855  

 

For the three and nine months ended March 31, 2020, depreciation expense totaled $479,350 and $1,429,463, respectively. Of these amounts, $273,315 and $805,562, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2019, depreciation expense totaled $606,641 and $1,704,606, respectively. Of these amounts, $354,199 and $1,046,153, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under finance leases as of March 31, 2020 and June 30, 2019:

 

    As of     As of  
    March 31, 2020     June 30, 2019  
Computers and Other Equipment   $ 328,998     $ 324,466  
Furniture and Fixtures     51,119       65,084  
Vehicles     1,173,751       1,330,940  
Total     1,553,868       1,720,490  
Less: Accumulated Depreciation - Net     (652,372 )     (538,564 )
    $ 901,496     $ 1,181,926  

 

Finance lease term and discount rate were as follows:

 

    As of  
    March 31, 2020  
       
Weighted average remaining lease term - Finance leases     1.65 Years  
         
Weighted average discount rate - Finance leases     13.0 %