NETSOL Technologies, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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:

SCHEDULE OF PROPERTY AND EQUIPMENT

	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	)
	$	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:

SCHEDULE OF FINANCE LEASE TERM

	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	%