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, 2024

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, 2024			June 30, 2024

Office Furniture and Equipment	$	2,377,621		$	2,352,940
Computer Equipment		9,156,088			8,679,791
Assets Under Capital Leases		133,897			154,718
Building		3,597,784			3,602,819
Land		912,129			913,473
Autos		1,594,928			1,658,961
Improvements		212,897			206,387
Subtotal		17,985,344			17,569,089
Accumulated Depreciation		(13,050,846	)		(12,462,247	)
Property and Equipment, Net	$	4,934,498		$	5,106,842

For the three and six months ended December 31, 2024 and 2023, depreciation expense totaled $372,585 and $738,582, respectively. Of these amounts, $237,882 and $466,432, respectively, are reflected in cost of revenues. 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.

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2024

(Unaudited)

Following is a summary of fixed assets held under finance leases as of December 31, 2024 and June 30, 2024:

	As of			As of
	December 31, 2024			June 30, 2024
Vehicles	$	133,897		$	154,718
Total		133,897			154,718
Less: Accumulated Depreciation - Net		(27,478	)		(25,078	)
	$	106,419		$	129,640

Finance lease term and discount rate were as follows:

SCHEDULE OF FINANCE LEASE TERM

	As of			As of
	December 31, 2024			June 30, 2024

Weighted average remaining lease term - Finance leases		2.25 Years			2.75 Years

Weighted average discount rate - Finance leases		11.3	%		11.3	%