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

6 Months Ended

Dec. 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
	December 31, 2023			June 30, 2023

Office Furniture and Equipment	$	2,427,955		$	2,678,664
Computer Equipment		8,432,290			8,317,131
Assets Under Capital Leases		47,793			46,554
Building		3,586,175			3,497,913
Land		909,031			885,474
Autos		2,074,702			1,941,063
Improvements		212,978			205,289
Subtotal		17,690,924			17,572,088
Accumulated Depreciation		(12,025,225	)		(11,410,902	)
Property and Equipment, Net	$	5,665,699		$	6,161,186

For the three and six months ended December 31, 2023, depreciation expense totaled $429,163 and $833,908, respectively. Of these amounts, $264,374 and $531,316, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2022, depreciation expense totaled $568,828 and $1,091,011, respectively. Of these amounts, $370,606 and $701,835, respectively, are reflected in cost of revenues.

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

	As of			As of
	December 31, 2023			June 30, 2023
Vehicles	$	47,793		$	46,554
Total		47,793			46,554
Less: Accumulated Depreciation - Net		(22,607	)		(17,366	)
	$	25,186		$	29,188

Finance lease term and discount rate were as follows:

SCHEDULE OF FINANCE LEASE TERM

	As of	As of
	December 31, 2023	June 30, 2023

Weighted average remaining lease term - Finance leases	0.84 Years	1.21 Years

Weighted average discount rate - Finance leases	16.4%	16.4%

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2023

(Unaudited)