| PROPERTY AND EQUIPMENT |
NOTE
10 - PROPERTY AND EQUIPMENT
Property
and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
| |
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
2,792,403 |
|
|
$ |
3,021,586 |
|
| Computer Equipment |
|
|
11,147,529 |
|
|
|
11,388,856 |
|
| Assets Under Capital Leases |
|
|
58,616 |
|
|
|
305,081 |
|
| Building |
|
|
4,357,506 |
|
|
|
4,818,650 |
|
| Land |
|
|
1,114,891 |
|
|
|
1,237,965 |
|
| Autos |
|
|
2,411,407 |
|
|
|
2,503,990 |
|
| Improvements |
|
|
215,538 |
|
|
|
175,560 |
|
| Subtotal |
|
|
22,097,890 |
|
|
|
23,451,688 |
|
| Accumulated Depreciation |
|
|
(13,247,239 |
) |
|
|
(14,069,064 |
) |
| Property and Equipment, Net |
|
$ |
8,850,651 |
|
|
$ |
9,382,624 |
|
For
the three months ended September 30, 2022 and 2021, depreciation expense totaled $522,183 and $539,722, respectively. Of these amounts,
$331,229 and $325,451, respectively, are reflected in cost of revenues.
Following
is a summary of fixed assets held under finance leases as of September 30, 2022 and June 30, 2022:
SUMMARY OF FIXED ASSETS HELD UNDER CAPITAL LEASES
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
| Vehicles |
|
$ |
58,616 |
|
|
$ |
305,081 |
|
| Total |
|
|
58,616 |
|
|
|
305,081 |
|
| Less: Accumulated Depreciation - Net |
|
|
(13,073 |
) |
|
|
(145,658 |
) |
| Fixed assets held under
finance leases, Total |
|
$ |
45,543 |
|
|
$ |
159,423 |
|
Finance
lease term and discount rate were as follows:
SCHEDULE OF FINANCE LEASE TERM
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2022 |
|
|
June 30, 2022 |
|
| |
|
|
|
|
|
|
| Weighted average remaining lease term - Finance leases |
|
|
2.55 Years |
|
|
|
2.39
Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate - Finance leases |
|
|
16.0 |
% |
|
|
12.5 |
% |
|