| Property and Equipment |
NOTE 10 - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2020 |
|
|
June 30, 2020 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
3,215,079 |
|
|
$ |
3,143,833 |
|
| Computer Equipment |
|
|
19,813,029 |
|
|
|
19,256,543 |
|
| Assets Under Capital Leases |
|
|
1,464,654 |
|
|
|
1,443,423 |
|
| Building |
|
|
5,929,559 |
|
|
|
5,848,813 |
|
| Land |
|
|
1,534,455 |
|
|
|
1,512,905 |
|
| Capital Work In Progress |
|
|
28,042 |
|
|
|
27,648 |
|
| Autos |
|
|
1,234,049 |
|
|
|
1,348,405 |
|
| Improvements |
|
|
36,053 |
|
|
|
36,929 |
|
| Subtotal |
|
|
33,254,920 |
|
|
|
32,618,499 |
|
| Accumulated Depreciation |
|
|
(21,998,614 |
) |
|
|
(21,288,868 |
) |
| Property and Equipment, Net |
|
$ |
11,256,306 |
|
|
$ |
11,329,631 |
|
For the three months ended September 30, 2020
and 2019, depreciation expense totaled $496,267 and $465,451, respectively. Of these amounts, $274,477 and $263,064, respectively,
are reflected in cost of revenues.
Following is a summary of fixed assets held under finance leases
as of September 30, 2020 and June 30, 2020:
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2020 |
|
|
June 30, 2020 |
|
| Computers and Other Equipment |
|
$ |
340,351 |
|
|
$ |
328,621 |
|
| Furniture and Fixtures |
|
|
53,086 |
|
|
|
51,119 |
|
| Vehicles |
|
|
1,071,217 |
|
|
|
1,063,683 |
|
| Total |
|
|
1,464,654 |
|
|
|
1,443,423 |
|
| Less:Accumulated Depreciation - Net |
|
|
(727,380 |
) |
|
|
(667,096 |
) |
| |
|
$ |
737,274 |
|
|
$ |
776,327 |
|
Finance lease term and discount rate were as follows:
| |
|
As of |
|
| |
|
September 30, 2020 |
|
| |
|
|
|
| Weighted average remaining lease term - Finance leases |
|
|
1.22 Years |
|
| |
|
|
|
|
| Weighted average discount rate - Finance leases |
|
|
7.7 |
% |
|