Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.23.1
PROPERTY AND EQUIPMENT
9 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    March 31, 2023     June 30, 2022  
             
Office Furniture and Equipment   $ 2,671,137     $ 3,021,586  
Computer Equipment     9,023,276       11,388,856  
Assets Under Capital Leases     47,112       305,081  
Building     3,537,674       4,818,650  
Land     896,086       1,237,965  
Autos     1,920,072       2,503,990  
Improvements     212,431       175,560  
Subtotal     18,307,788       23,451,688  
Accumulated Depreciation     (11,436,752 )     (14,069,064 )
Property and Equipment, Net   $ 6,871,036     $ 9,382,624  

 

For the three and nine months ended March 31, 2023, depreciation expense totaled $507,314 and $1,598,325, respectively. Of these amounts, $327,177 and $1,029,012, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2022, depreciation expense was $540,822 and $1,608,007, respectively. Of these amounts, $334,476 and $974,526, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under finance leases as of March 31, 2023 and June 30, 2022:

 

    As of     As of  
    March 31, 2023     June 30, 2022  
Vehicles   $ 47,112     $ 305,081  
Total     47,112       305,081  
Less:  Accumulated Depreciation - Net     (15,218 )     (145,658 )
Fixed assets held under finance leases, Total   $ 31,894     $ 159,423  

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2023

(Unaudited)

 

Finance lease term and discount rate were as follows:

 

    As of     As of  
    March 31, 2023     June 30, 2022  
             
Weighted average remaining lease term - Finance leases     1.42 Years       2.39 Years  
                 
Weighted average discount rate - Finance leases     16.4 %     12.5 %