Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Property and Equipment

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Note 7 - Property and Equipment
 9 Months Ended
Mar. 31, 2012
Property, Plant and Equipment Disclosure [Text Block]
NOTE 7 - PROPERTY AND EQUIPMENT

Property and equipment, net, consisted of the following:

   
As of March 31
   
As of June 30
 
   
2012
   
2011
 
             
Office furniture and equipment
  $ 1,475,951     $ 1,179,993  
Computer equipment
    14,772,723       13,463,560  
Assets under capital leases
    2,126,590       2,024,282  
Building
    2,216,193       2,337,758  
Land
    2,123,552       2,240,036  
Capital work in progress
    3,988,831       2,659,750  
Autos
    617,193       794,617  
Improvements
    237,434       162,896  
Subtotal
    27,558,467       24,862,892  
Accumulated depreciation
    (10,681,146 )     (8,848,431 )
    $ 16,877,321     $ 16,014,461  

For the nine months ended March 31, 2012 and 2011, depreciation expense totaled $2,190,274 and $1,340,134 respectively.  Of these amounts, $ 1,386,866 and $952,051 respectively, are reflected in cost of goods sold.

The Company’s capital work in progress consists of ongoing enhancements to its facilities and infrastructure as necessary to meet the Company’s expected long term growth needs. The Company recorded capitalized interest of $246,952 and $278,308 as of March 31, 2012 and June 30, 2011, respectively.